Fortix Capital – the joint venture between Watson’s Property and SecureHome Group – has agreed a deal to buy two office buildings on the M42 corridor near Birmingham for £10m.
The company has acquired the 30,000 sq ft Rhodium building, at Blythe Valley Park, Solihull, and the 34,000 sq ft Blake House at Eagle Court Business Park.
The purchases follow the acquisition of a 26-unit residential portfolio at Brindley House in Birmingham’s Jewellery Quarter and two office buildings – Aqua in Birmingham and 715 Aztec West in Bristol.
Alex Watson, founding partner at Fortix Capital, said: “Rhodium and Blake House are well-specified buildings in established locations on the M42 corridor, the Midlands’ principal out-of-town office market. Both have had significant recent investment. The existing occupiers in each building give us a sound base, and our priority is securing the right occupiers for the remaining refurbished space.”
James Ackrill, founding partner at Fortix Capital, added: “Rhodium and Blake House complete the five transactions we committed to at launch. Each was selected for the quality of the asset and our ability to manage it well over time. The M42 corridor is one of the best-connected office locations in the country, and the planned HS2 Birmingham Interchange and Arden Cross developments add to its long-term appeal. These are buildings we intend to hold and manage for the long term.”
Lambert Smith Hampton acted as agent for Fortix Capital on both transactions with gunnercooke acting as legal adviser. Savills and CBRE acted as selling agents on Rhodium with Baker McKenzie advising the vendor. JLL acted as selling agent on Blake House with Forsters advising the vendor.
