Sheet Anchor Evolve snaps up prime Birmingham retail site

The London based investment group has completed the acquisition of a city-centre retail and office portfolio – hot on the heels of another investment in Coventry – as the group continues its UK expansion.

Sheet Anchor Evolve, which is part of the M Core Group, has snapped up The White House and 5-9 Lower Temple Street in central Birmingham.

The 60,000 sq ft portfolio contains a mix of retail, leisure and office accommodation, with occupiers including Be At One, Archies and Tim Hortons contributing to an estimated annual rent income of around £1.6m.

No value has been given for the deal, and the vendor’s identity is undisclosed.  However, the portfolio was listed for offers in excess of £17m with agents JLL last year.

The deal is part of M Core’s continued UK investment programme, which also saw the group buy up the Lower Precinct shopping centre in Coventry from Royal London last month in another undisclosed deal.

The fully-let Coventry site is potentially poised to benefit from the ongoing regeneration of Coventry city centre, with around 1,500 homes currently being built on Lower Precinct’s doorstep.

“The Midlands is a core market for us, where our local knowledge and long-term approach allow us to identify assets with strong fundamentals and clear growth potential,” said Danny O’Keefe, co-founder of Sheet Anchor Evolve.

“These acquisitions reflect our focus on centres in established locations, where active management and close occupier relationships can support sustainable performance.”

Sheet Anchor Evolve will lead on the ongoing management of the schemes, working closely with current occupiers, it says.

Sebastian Macdonald-Hall, chief investment officer at M Core, added: “These acquisitions align with our wider strategy of disciplined investment in strong locations, supported by experienced in-house management through Sheet Anchor Evolve.”