DTZ Investors acquires Caxtongate II in Birmingham
DTZ Investors has successfully completed the acquisition of Caxtongate II in Birmingham for £12.44m, reflecting a net initial yield of 5.95%.
The property comprises 33,268 sq ft of retail space in six well configured, large modern retail units arranged over basement, ground, mezzanine and first floor levels let to a number of well-known national retailers including Muji, Charles Tyrwhitt and Jigsaw. The residential accommodation across the 2nd and 3rd floors has been sold off. The property is Grade II listed with an attractive Victorian façade.
DTZI said the acquisition is in accordance with the fund’s strategy and has enabled the client to gain exposure to a strong major UK city and supports a strategy of investing into multi-let assets in large urban environments.
Franck-Steier Price advised DTZ Investors.