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£300m sale of Brindleyplace to Middle East investor falls through

Joint owners Hines Global and Lone Star have now withdrawn the portfolio of buildings from the market altogether

Nine Brindleyplace was among the buildings due to be sold by Hines Global and Lone Star

A plan to sell a large chunk of the Brindleyplace estate in Birmingham for around £300 million has been halted.

Joint owners Hines Global and Lone Star have withdrawn their holding off the market after they launched the bid to sell it last September.

According to CoStar News, a mooted sale to a Middle Eastern investor was dropped by the joint venture partners.

The portfolio of properties for sale comprised office buildings Three, Four, Five, Six and Nine Brindleyplace which collectively cover more than 470,000 sq ft of grade A office space and also have retail and leisure space.

It also included Brunswick Arcade, an 890-space multi-storey car park, retail parade and health club, and the Café in the Square unit which is let to Costa.

CoStar News said the portfolio had, until last week, been under offer to a high net worth individual from the Middle East for significantly in excess of the asking price but, after the deal fell through, Hines and Lone Star decided to withdraw the estate from the market altogether.

The collection of buildings, whose tenants include corporations such as RBS, Deloitte and Deutsche Bank, as well as three new restaurants in Three Brindleyplace, are now to be retained and unlikely to reappear on the market.

Hines and Moorfield bought eight buildings on the 17-acre mixed-use estate in summer 2010 but last year Moorfield sold a real estate investment portfolio to Dallas-based Lone Star for around £1 billion which included Brindleyplace.

All parties declined to comment.

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