Independent property specialist Tritax has sold eight office buildings at Brindley Place in Birmingham to Moorfield and Hines for £190 mln (EUR 224 mln). The eight buildings form the remainder of the original Birmingham Brindleyplace Fund, which was raised in 2003 and acquired 11 properties in Birmingham let to tenants including Royal Bank of Scotland, BT, Arthur Andersen, and the Royal Mail.

The deal represents a 7.2% return to the fund income unitholders and a 7.8% return to those holding capital units.

Brindleyplace was a private and institutional investor partnership, with private investors holding 49.99% of the fund with the balance owned by Royal Mail Pension Fund, British Telecom Pension Scheme, and Argent.

Anthony Wyld, head of marketing at Tritax commented: 'Commercial property has been severely hit by the events of the last couple of years. However, Brindleyplace highlights that cherry picking properties in the same way that equity managers select stocks can reap the rewards that investors require. This strategy has served us well and continues to form the basis for our recent fund launches including our commercial property oil exploration fund in Aberdeen.'