Birmingham office building One Brindleyplace has been bought by a German fund manager.
The building, which is leased to Deutsche Bank until 2029, has been acquired by Munich-based GLL Real Estate from Trinova Real Estate for around £37 million.
London-based Trinova Real Estate acquired the virtual freehold interest of the 69,214 sq ft building, which fronts onto Broad Street, in summer 2013 on behalf of its investor club Trinova Select from the British Airways Pension Fund.
According to CoStar News, the German fund manager made the off-market acquisition on behalf of its Luxembourg-based GLL Pan Europen Fund.
The sale comes just a few weeks after several buildings on the Brindleyplace estate were put up for sale.
In September, joint owners Hines and Lone Star placed on the market Three, Four, Five, Six and Nine Brindleyplace, 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.
Reports suggest the set of buildings could attract a deal in the region of £300 million, just five years after the portfolio was acquired in 2010 for £190 million.
The Birmingham office of property consultancy JLL represented Trinova Real Estate in both the 2013 buyout and this sale to GLL Real Estate. Colliers acted for GLL.