Climate Change Capital has completed its first deal, buying 5 St Philip’s Place in Birmingham city centre.
The building, in Birmingham’s central business district, comprises 67,000 sq ft of offices, let to the department for communities and local government, and 13,000 sq ft of retail, let to Marks and Spencer, HSBC and HBOS.
It is thought that Climate Change Capital bought the building from New Star for around £30m
Tim Mockett, joint managing director of the property team, said: ‘Our first investment combines good sustainability credentials with an excellent location and a long term lease to a government tenant. This purchase is absolutely in the centre of our investment strategy.’
Esme Lowe, the fellow joint managing director, said: ‘Deploying capital at this stage of the cycle underpins value with the opportunity to produce enhanced returns through proactively managing the risks associated with climate change. We are actively reviewing a number of opportunities and anticipate further acquisitions in line with our investment strategy.’