British RE investor Topland acquires $21 mln Birmingham office building

London-based real estate (RE) investment firm Topland Group has purchased 60 Church Street, a multi-let office building in the centre of Birmingham.

Located at the corner of Church Street and Cornwall Street, the asset was fully let to a range of tenants, including The Economist, West Midlands Trains and Succession Wealth Group at the time of the deal.

Topland Group bought the 11-storey building from Catalyst Capital’s second European fund, Catalyst European Property Fund II, for 16.8 million pounds ($21 million), reflecting a net initial yield of 6.75 percent.

Previously, Catalyst European Property Fund II had invested approximately $3 million in extensive renovations to the property to provide 63,290 square feet of office space.