Owners of Brindleyplace to put three buildings up for sale
TBLP, which currently owns all the multi-let buildings at Brindleyplace, is made up by Argent, BT Pension Scheme (BTPS), Royal Mail Pension Plan (RMPP) and investment vehicle Tritax while the rest of the buildings on the estate are either owned outright by Argent or private investors.
Mr Taylor said the sale of the three buildings would enable a restructure of the limited partnership and give it the financial flexibility to ensure the estate remained one of the city’s leading business and leisure environments.
He said: “We are reaching the stage when leases on many of the buildings are beginning to expire and significant investment will be needed to ensure the buildings meet the required specification to be re-let. We are already planning a refurbishment of Five Brindleyplace to bring it up to BREEAM excellent. There is also a view that the recently completed Eleven Brindleyplace could be brought into the limited partnership and this sale will give us the headroom to do that.”
Alex Turner, of Hermes Real Estate Investment Managers, responsible for managing the portfolio for BTPS and RMPP said: “Brindleyplace is a core investment asset for BTPS and RMPP. We have been investors here since 1998 and we are keen to remain involved. The characteristics of the lease profiles of the Estate changes over the next seven to ten years as leases begin to wind down, so this is an appropriate time to look at how we lay the foundations for the next investment phase.”
