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Wed 24 Feb 2016 02:01 PM

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MidEast deal to buy $417m UK canalside properties 'falls through'

Plan to sell part of mixed-use canalside development in Birmingham to Middle East investor reportedly ends

MidEast deal to buy $417m UK canalside properties 'falls through'

A plan to sell a part of a large mixed-use canalside development in Birmingham, England's second city, to a Middle Eastern investor for about £300 million ($417 million) has reportedly fallen through.

The joint owners of Brindleyplace, which is home to the National Sea Life Centre, Royal Bank of Scotland, Ikon Gallery of art and the Crescent Theatre as well as restaurants and bars, have taken it off the market, the Birmingham Post reported.

It said Hines Global and Lone Star have withdrawn their holding after a mooted sale to a Middle Eastern investor was dropped, without giving further details about the potential buyer.

The portfolio of properties for sale comprised office buildings which collectively cover more than 470,000 sq ft of grade A office space plus retail and leisure space.

It also included Brunswick Arcade, an 890-space multi-storey car park, retail parade and health club, and the Café in the Square unit which is let to Costa, the paper said.

It reported that the portfolio had, until last week, been under offer to a high net worth individual from the Middle East for significantly in excess of the asking price.

All parties declined to comment, the paper added.

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