The sale of Blythe Valley Business Park in Solihull was completed yesterday after owner British Land agreed a #161 million deal with Doughty Hanson & Co Real Estate and US-based real estate investment trust Liberty Property.
The 257-acre landmark site has been developed by British Land in partnership with Solihull Council and provides around 500,000 sq ft of existing office accommodation within 97 acres of undeveloped land.
Late last year, outline planning consent was secured for a major extension to the park bringing the total consented area up to two million sq ft of office accommodation.
Blythe Valley is currently home to businesses including Ove Arup, Logica, Regus, Virgin and Oracle.
Up to #17.5 million of the total price apportioned to the undeveloped land is to be paid on a deferred basis over the next four years, British Land said.
British Land's director and head of offices Tim Roberts said: "The disposal is in line with our stated strategy of value creation through capital recycling and a tightened sector focus on our core markets of London offices and out of town retail, the two sectors in which we have leading positions and expertise."
British Land is the UK's largest REIT with assets of #16.3 billion and a further #4.1 billion under management.
When it put the business park up for sale in March it stressed it wanted to keep its links with the site, with which it has been involved since its inception in the late 1990s.
It said it was looking for a 50:50 joint venture partner to help with the second phase development of Blythe Valley.
The company was one of the main drivers of the Monkspath development.
It had been the sole owner of Blythe Valley since buying out its former partner, ProLogis, in 2003.