Standard Life Investments Property Income Trust has acquired Hagley Road, a multi let commercial property located in Birmingham city centre with 140,950 square feet of office accommodation, for £23.75m.
Standard Life Investments Property Income Trust owns a diversified portfolio of UK commercial properties. The Hagley Road property will be the largest in the portfolio.
“This will be the largest asset in the company, and meets our aims of buying good quality properties that appeal to occupiers. There is good scope for rental growth with plenty of asset management potential, and with a new tram stop due outside the building as part of major infrastructure projects the connectivity of the building will further improve.”
Oli Lord, Deputy Fund manager of Standard Life Investments Property Income Trust