UK office property joint venture of Hillview and Shir Shlomo buys Birmingham asset | New

A UK office investment partnership between Hillview Real Estate and the property arm of Israeli conglomerate Shlomo has invested £21m (€24m) to buy its second asset.

Hillview and Shir Shlomo Real Estate have announced that they have acquired Edmund Gardens in Birmingham from DTZ Investors. Hillview made the investment through its £300m Hillview Partners Property Fund III.

The multi-tenancy office asset comprises five buildings around a central courtyard totaling 67,510 square feet, on an island site in the center of Birmingham’s business district. The mixed-use estate consists of 80% office space with additional retail, restaurant and residential units.

Nadav Livni, Managing Director of Hillview Group and Fund Manager of Hillview Real Estate, said: “This is a really exciting value-added acquisition for our fund and a new partnership with Shir Shlomo Real Estate. I am proud that, despite the current market volatility, we were able to complete the transaction.

“The building is very well located in the heart of Birmingham’s financial district, is sublet and offers a good mix of income with the possibility of increasing rents by renovating any space vacated by tenants and improving the supply to tenants .”

The Hillview and Shir Shlomo Real Estate partnership, set up to invest in regional office properties in the UK, completed its first transaction in June with the acquisition of 76 Wellington Street in Leeds for £12.6 million.

TASE-listed Shir Shlomo Real Estate has been investing since 2011 in both Israel and Europe, primarily in offices, hotels and industrial properties.

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