Glanmore to buy Brum Broadway

RREEF Real Estate is set to sell the Broadway, its mixed-use scheme on Birmingham’s Broad Street, to Glanmore Property Fund for £3m above the asking price.

RREEF had quoted £55m, which would represent a 6% net initial yield for the scheme. However Glanmore has the scheme under offer for around £58m.

The 258,495 sq ft scheme covers an area of 4.05 acres and includes 166,965 sq ft of offices, a 91,530 sq ft Tesco supermarket and a 794-space multistorey car park.

The Broadway overlooks the Fiveways roundabout along with the 58,000 sq ft Apex House another of Glanmore’s recent acquistions, which it bought for £18.3m.

Whitmarsh Holt Young acted for RREEF. None of the parties involved in the sale would comment.