Hines has announced that its Pan-European Core Fund (HECF) has acquired an office property in Birmingham for an undisclosed sum. The vendor was the institutional fund arm of German listed property company IVG.

The asset, One Eleven Edmund Street, was completed in 2003 and provides 4,000 m2 of office space over seven floors. The space is let to regional law firm Gateley.

HECF is a Euro-denominated, Luxembourg-regulated Fonds de Commun de Placement (FCP-FIS), managed by Hines and created to acquire a geographically diverse portfolio of core commercial buildings across Europe.

Hines was advised by GBR Phoenix Beard and Wragge & Co. Debt financing was provided by German lender LBBW.

IVG was advised by Jones Lang LaSalle.

Hines also owns two additional properties in Birmingham, Brindleyplace and Two Snowhill through other entities.

Headquartered in the US, Hines is a privately owned real estate firm that controls assets valued at around EUR 17 bn from offices in 106 cities in 17 countries.