Wragge & Co LLP Real Estate Group has advised Opus Land, in joint venture with Europa Capital Partners, on the £58 million acquisition of Saltley Business Park from Hermes Real Estate.

Saltley Business Park is a multi-let investment occupying a key central Birmingham location. Extending to some 47 acres, the park accommodates over one million square feet of industrial space in 22 buildings. The £58.36 million acquisition reflects an initial net yield of 6.04 per cent and is Birmingham's largest industrial deal for four years.

John Burns led a Wragge & Co team, which comprised commercial development and investment associate Fraser Tart, solicitors Dan Walsh, Suzanne Tyrell, Jonathan Anderson, Adam Carney and Caroline Allen. The team worked alongside Gareth Williams, Opus Land's Development Director. Lawrence Graham acted for the sellers.

Gareth Williams said: "We set ourselves a real task by committing to a quick exchange and completion. John's team is one of the few property teams that could have turned this one around in the time allowed and in an efficient and no nonsense manner."

John Burns said: "We have a long-standing relationship with Opus and this acquisition is the largest deal we have completed for them to date. We are delighted to have been a part of their team on this project and are pleased that the transaction completed so quickly and smoothly."

Opus Land currently has an investment and development portfolio with an end capital value exceeding £750 million. It is very active in the development and investment fields throughout the UK from its West Midlands and West Yorkshire bases.

Europa Capital is an independent real estate investment management group operating throughout Europe. It has invested in excess of £2.2 billion across 14 European countries and is one of Europe's leading property funds.

Wragge & Co's 27-partner national Real Estate Group is one of the largest full-service real estate teams in the UK. It advises major private and public organisations on matters ranging from asset management to commercial development; planning to tax; and litigation to regeneration.

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For further information about this press release, contact Kathryn Hobbs on +44 (0)121 213 2397, Alexa Highfield on +44 (0)121 213 2396 or Michelle Dolphin on +44 (0)121 213 2369

This press release may contain information of general interest about current legal issues, but does not give legal advice.