A grand total of no less than five structures located in the city of Birmingham in the Midlands have now been sold from Hines Global REIT for a total of £260 million in the contractual sales agreement. Hines themselves were the owners of 60 per cent of the actual buildings, the remaining 40 per cent of which was owned by a mysterious “third party,” and spokesperson for Hines explains that the company felt that the time was ideal for the company to sell its assets. Indeed, having first acquired the Brindleyplace buildings back in 2010 for a total of £186 million, it is evident that Hines Global REIT have made an excellent profit and it is a credit to them that they decided to sell it to another party when they felt the need to do so.
Indeed, the Birmingham developments at Brindleyplace were used for a number of different reasons by a number of different clients ranging from Deutsche Bank to Deloitte LLP. Covering over 560,000 square feet, the development was one that lasted Hines Global REIT seven years and served them well: it was in itself a lucrative area for business and development, since the Brindleyplace sector in Birmingham adds up to more than 1 million square feet of business and investment. Sherri Shugart the Chief Executive Officer of the company admitted that she felt that the whole enterprise has gone swimmingly for Hines Global REIT and that the company knew that it would be able to make money out of selling the site after a number of investments and improvements that it conducted during the years that it acquired ownership of the space.
All in all, it seemed clear that the time was right for the area of space to be sold to the appropriate client and the £260 million that Hines Global REIT have acquired will be able to use the funds for future projects and land development deals.
