An office development in Birmingham has been purchased for around £140 million, marking the largest office transaction outside of London this year.

Legal & General sold Priory Court & The Lewis Building in Birmingham to Gulf Islamic Investments (GII) after delivering an extensive refurbishment programme on the site.

This multi-let office property is strategically located in the heart of Birmingham's Central Business District and comprises 12,462 sq ft of Grade A office accommodation.

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Will Edwards, Senior Fund Manager, LGIM Real Assets, said: "The sale of Priory Court & The Lewis Building marks the successful completion of the asset business plan and is testament to the skills and capabilities of our team of asset managers. During the hold period, the Fund has repositioned and re-let The Lewis Building, setting a new high rental tone, and the completion of its sale will deliver strong returns to the Fund."

Pankaj Gupta, Co-Founder & CEO UAE, GII, added: "Despite the challenging times and the uncertainty surrounding Brexit, GII is immensely delighted to expand its investment portfolio in the UK through another high-quality long income yielding asset for its clients endorsing our strong belief in UK real estate market. This transaction reflects well on GII's growing expertise in acquiring such marquee assets and positions us as an active and major real estate player in the region."

(CM/JG)