M&G Real Estate acquire £140m Birmingham property

Two Snowhill in Birmingham has been sold to M&G Real Estate for an estimated £140m.

The premises, which offers 319,000 sq ft of office and retail space, including in demand Grade A office space, already lets space to Wragge & Co and i2, with HS2 planning to have 1,500 members of staff working there in the future.

Director of investment management at M&G Real Estate, Hugo Henkes, said: “This acquisition comes at the right time to benefit from an increasing shortage of Grade A office space in Birmingham.”

Two Snowhill was previously joint owned by Hines and Ballymore, with Hines UK’s managing director Anthony Leonard commenting on the deal: “We are delighted to have had the opportunity to work with Ballymore to develop Two Snowhill. The success of the building has consolidated Snowhill’s position as Birmingham’s prime office pitch.”

Due to the central location of the development and its close proximity to transport links and Colmore Row, Birmingham’s most prestigious business address, Snowhill has had interest from other tenants, including Barclays.

As previously reported on NovaLoca, the UK is potentially facing a future shortage of Grade A office space without an increase in development. However, Birmingham looks set to benefit from the arrival of HS2, which should drive the need for more office space in the city.

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