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News Release

Birmingham

Princes Gate Buildings in Solihull sold to Threadneedle Property Fund for £13.84 million


Birmingham, 11th May 2009 – Threadneedle Property Fund, advised by Jones Lang LaSalle, has acquired Princes Gate Buildings, Homer Road in Solihull from Standard Life Investments for £13.84 million, representing a net initial yield of 9.5%.

The office accommodation provides 64,650 sq ft of space, in three distinct buildings, in an attractive courtyard development. The accommodation provides 275 car parking spaces, at an excellent ratio of 1:228 sq ft, and is let in its entirety to National Grid with approximately 8.25 years unexpired at an annual rent of £1,390,000 per annum.

Ed Gamble, head of Jones Lang LaSalle’s National Investment team in Birmingham, said: “Solihull is a great example of a West Midlands location that buyers should be focusing on, as investment opportunities in the town offer significantly discounted yields compared to prime city centre product in nearby Birmingham.”

GBR represented Standard Life Investments.