REI doubles its money on landmark Colmore Row offices

Birmingham-based investment group Real Estate Investors plc has sold three West Midlands properties for £9.525 million – just ten days after a £24.5 million shopping spree.

The sales include landmark Birmingham city centre address 85-89 Colmore Row which the AIM-listed company has sold to Fidelity for £7.85 million after originally acquiring it from administrators PWC for £4 million in December 2012.

Tenants include Chubb Insurance, Malcolm Hollis LLP, FleetMilne (Birmingham) Ltd, Royal College of Surgeons and Reuben Colley Fine Art.

REI has also sold 770-772 Bristol Road, Northfield, for £1.425 million and 150 Birmingham Road, West Bromwich, for £250,000.

HSBC and West Bromwich Building Society are tenants at 770-772 Bristol Road, Northfield.

Chief executive Paul Bassi said: “We have completed our asset management on these properties and have made strategic sales at values significantly above our book value.”

Baldev Kang, head of real estate at West Bromwich and Stratford-upon-Avon law firm Clark Brookes Turner Cary, acted for REI.

Property agents Knight Frank advised REI and FSP acted for Fidelity.