Kier Property has completed its acquisition of Arena Central from Miller Developments.
In November, EG revealed that Kier Property had exchanged contracts with Miller for the £30m acquisition of the development site in Birmingham city centre.
Kier will be responsible for the development of three future phases of the scheme, totalling 526,009 sq ft, spanning 5 Centenary Square, 4 Arena Central and 5 Arena Central, to be delivered over the next five to seven years.
The site sits within the Birmingham City Centre Enterprise Zone and benefits from simplified planning and business rate savings. It is part of a major redevelopment of ten buildings comprising offices, shops, bars, cafes, restaurants and a hotel, with completion expected at the end of 2026.
Tom Gilman, managing director of Kier Property North, said: “This acquisition will substantially increase our activities in the West Midlands and will enable Kier to continue the development of the area as a place where people will want to work, shop and socialise in Birmingham.”
Andrew Sutherland, joint managing director of Miller Developments, added: “Having been involved in the project for a number of years, Arena Central is now firmly established as one of Birmingham’s prime office locations, and we’re delighted to hand the baton to an organisation of Kier Property’s calibre for delivery of the remaining phases.”
CBRE advised Miller Developments and JLL advised Kier Property.
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