US REIT Liberty Property Trust and Doughty Hanson have bought the Blythe Valley Park business park in Solihull from British Land for £161m.

The purchase is the second joint venture between Liberty and the Doughty Hanson & Co Real Estate Fund II after the purchase of the Kings Hill Business park in Kent.

The park comprises 14 office buildings with a total amount of space of around 500,000 sq ft. Major occupiers include Centrica Ove Arup and Vodafone.

There is planning permission for a second phase of development totalling 800,000 sq ft.

For the purchase, £58m of equity was provided by Doughty Hanson and £14.5m was provided by Liberty.

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