Sterling Property Ventures has acquired the Birmingham headquarters of Mitchells & Butlers (M&B) for £46m from LGIM.
M&B has a circa 20-year lease on 95,000 sq ft of office space at the asset, which also boasts a 120-bed/54,000 sq ft Ibis hotel, operated by Accor Group on behalf of M&B.
The deal is the first acquisition completed by Sterling’s new asset management and investment arm.
James Howarth, managing director of Sterling Property Ventures, said: “We are looking to build a portfolio of properties and have raised capital to support this strategy. Being sector agnostic in our approach and seeking to complement our development expertise, we believe there is real market opportunity to grow a mixed portfolio of assets and use our skills to add significant value in the short to medium term.”
BSB Real Estate advised Sterling Property Ventures on the transaction and ACRE Capital Partners represented LGIM.
