A recently renovated office building in Birmingham's Colmore Row has been acquired for £98 million.
London-based TH Real Estate has bought 55 Colmore Row from IM Properties which also carried out the £30 million refurbishment which was completed last year.
The property, whose Victorian façade is grade II listed, was home to historic Birmingham law firm Wragge & Co before it moved into brand new offices within Two Snowhill.
Current tenants include law firm Pinsent Masons, property consultancy Savills and steak restaurant Gaucho.
TH Real Estate has bought the complex on behalf of its European Cities Fund.
Fund manager Andrew Rich said: "Birmingham has benefited from substantial regeneration and inward investment of roughly £1 billion in recent years, raising the city's business profile and attracting global companies.
"Given the attractiveness of the building, the low vacancy rates for Grade-A office stock and limited supply within the city, we believe this asset should deliver excellent returns for the fund."
John Hammond, investment director IM Properties, added: "55 Colmore Row is about as prime as you get in Birmingham, in the heart of the business district and right at the centre of a major renaissance with Colmore Row attracting many high end operators to the area.
"The redevelopment was a real labour of love and we poured much of the company's heart and soul into it, often going above and beyond what most developers would do.
"Our ambition was always to create a best-in-class asset and that's exactly what we achieved.
"The acquisition is obviously a great way to start 2018 for IM Properties but also Birmingham, as it really sets the tone for the city going forward into the new year, demonstrating its tremendous growth potential now and in the future."
