Staycity Birmingham property sold for £21 million

George Sell George Sell Uploaded 03 October 2016

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UK: An aparthotel in Birmingham’s Jewellery Quarter has been bought for £21 million by Knight Frank Investors.

The 170-bedroom building on Charlotte Street was sold by RO Group, which led the redevelopment of the site, including the former science museum.

Staycity opened the building in February of this year.

Richard Bourne, head of RO Real Estate, said: "The sale in Birmingham places us in an extremely strong position with significant cash resources, enabling us to move quickly and take advantage of new opportunities as they arise."

Edward Rowlandson, managing director of RO Group, added: "Our experience in Birmingham can perhaps be seen as a microcosm of the recent economy as a whole with its various ups and downs. The team have worked extremely hard to overcome the various challenges, finding solutions to problems and eventually concluding on the sale of this high-quality asset. With the additional resources the disposal has provided we look forward to acquiring new assets."

Colliers International advised RO on the sale. Knight Frank Investors was formed in 2010 to provide a segregated investment management service to pension funds, insurance companies, private banks and high net worth individuals.

www.staycity.com

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