Legal and General Investment Management (LGIM) has sold the Birmingham HQ of Mitchells & Butlers (M&B) to Sterling Property Ventures in a £46m deal.
The building also includes a 120-bed/54,000 sq ft Ibis Styles hotel, operated by Accor on behalf of M&B, and 325 underground car parking spaces.
Despite offices falling out of favour, the deal is thought to be one of the largest office-lead investment deals in Birmingham in the last 12 months.
BSB Real Estate advised Sterling Property Ventures on the transaction; ACRE Capital Partners acted for LGIM.
What they said
James Howarth, Sterling’s managing director, 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.”