News - Midlands
One Snowhill to be sold for record sum
Developer Ballymore is on the verge of selling its One Snowhill scheme in central Birmingham for £130m, in what would be the city's largest-ever investment deal. Reports in a property trade magazine suggest it is to be sold to an unnamed European fund manager, which has pipped Germany's Deka to buy the building. Reports say Ballymore received more than £1bn in bids for the 250,000 sq ft building, which is partly let to Barclays and KPMG. Ballymore put the building on the market to raise funds for the development of the rest of the Snowhill scheme. The cores of several buildings are already up, but the 350,000 sq ft second phase of the scheme stalled earlier this year due to the downturn.