Wragge & Co real estate experts advise on £190 million investment deal

Wragge & Co's real estate experts advised property development company Argent, in its capacity as property adviser on behalf of The Brindleyplace Limited Partnership, on the £190 million sale of eight buildings in Birmingham's mixed-use development, Brindleyplace. The transaction represents the largest deal ever completed in Birmingham's office investment market.

Real estate investor, developer and manager Hines on behalf of its Global REIT and private equity investor and fund manager Moorfield Group teamed up to purchase the buildings. The site includes offices, retail and theatre space, a restaurant and a 903-space multi-storey car park. Wragge & Co will continue to advise Hines and Moorfield on legal matters associated with the estate.

Partner John Burns led a cross-firm team including real estate, tax, commercial, construction and asset management experts. The team worked closely with the Argent team including director Gary Taylor and project director Ian Clark.

John Burns said: "This is a very significant transaction for all concerned and we are proud to have been a part of the team in making it happen. The fact that respected companies like Hines and Moorfield choose to invest in Birmingham is an endorsement both of the city's and the regional economy, as well as the success of Brindleyplace generally."

Argent is a property development company which specialises in developments that combine offices, shops, hotels, cafés, restaurants and residential uses. It manages developments such as Brindleyplace, Piccadilly Place in Manchester and King's Cross Central in London.

The Brindleyplace Limited Partnership includes investors British Telecom Pension Scheme, Royal Mail Pension Plan, Argent Brindleyplace Investment Limited and a group of private investors co-ordinated by Tritax.

Wragge & Co's 10-partner Commercial Development and Investment team advises UK and international developers and investors on a range of acquisitions, disposals and developments. Earlier this month it strengthened its offering, appointing Nisha Jassal to director.

In the past six months, the team has advised international property groupGoodman on securing £47 million funding for the construction of a 467,891 sq ft regional distribution centre at its Andover Commercial Park, Hampshire. It also helped secure the green light for Warwickshire County Cricket Club (WCCC) to begin the £30 million redevelopment of its home ground in Edgbaston.