IM to buy Prupim's The Hub
Warwick-based IM Properties is under offer to buy a strategic development site in Birmingham.
IM, which is owned by Bob Edmiston, is in talks to acquire Prupim’s The Hub business park in Witton.
It is understood to be paying around £35m for the 90-acre site in an off-market deal.
The deal is expected to be signed within the next three months.
The Hub comprises six industrial and distribution buildings totalling 630,000 sq ft, and 50 acres of prime serviced development land.
The site was originally earmarked for a new £80m home for Birmingham’s wholesale markets until the council dropped the plans in 2011 after the cancellation of an expected grant from the now-defunct regional development agency Advantage West Midlands.
The Hub falls within Birmingham’s designated enterprise zone.
Savills advised IM; Prupim was unrepresented.