Birmingham property finally purchased
A lengthy acquisition process has ended with a 250-year lease being secured on a prestige Birmingham City Centre building.
The lease on Baskerville House, a major office building in the centre of Birmingham, has been purchased for £42.5 million.
A lengthy process of negotiation has finally ended in the sale of the property to Hermes, under the influence of Knight Frank.
The deal has been clinched two years after the Grade II listed Art Deco building had been put on the market after the collapse of former owner Targetflow in 2010, the Business Desk reports.
Its 250-year lease was put up for sale by Deloitte nearly a year ago.
Merger and acquisition consultants may be very useful when negotiations on a deal become very protracted.
Baskerville House, which was named after the Birmingham-based printer John Baskerville, includes 196,000 sq ft of space and lies very close to another large city centre property acquired in recent weeks.
Earlier this month, The Hyatt Hotels Corporation purchased the Hyatt Regency Birmingham hotel from administrators Ernst and Young.