Birmingham building's commercial elements acquired
The acquisition of the commercial elements of a central Birmingham building has been concluded.
EPISO 3 fund has completed the acquisition of the commercial assets of The Cube, a mixed-use building in central Birmingham.
Owner Aruna Projects has sold the assets for an initial net yield of 8.42 per cent, following successful sales negotiations.
The buyer had to pay a good price for the assets, according to Jonothan Holmes, director of investment at sales agent Savills.
He said: "We had a very high level of interest from both UK and overseas investors and are pleased with the price achieved for our client."
Firms buying assets in a competitive situation with other possible buyers around may find the advice of merger and acquisition consultants vital as they seek to secure the right deal.
Other recent acquisitions in major buildings located in central Birmingham include Baskerville House, which is located at Brindley place.
Last month Hermes secured the 250-year lease on the Grade II listed Art Deco building for £42.5 million, with the property having been available since former owner Targetflow collapsed in 2010.