Brooks Macdonald fund acquires Birmingham property

Brooks Macdonald Funds has acquired Hive a mixed-use property comprising 167 residential units and commercial space.

The property – which is part of the £600m Masshouse development – has a gross yield of 5.45% per annum. It has been acquired through the asset manager’s Channel Islands-domiciled Ground Rents fund.

James Agar, development director for Brooks Macdonald Funds and Braemar Estates, says: “This asset provides the fund with a further high-quality development which fits its acquisition profile.

“Hive has a ten-year RPI linked cycle offering investors in the fund a hedge against inflation, which is a key investment criteria given the current market conditions.”

He adds: “A number of further substantial acquisitions have been identified and we are some way through the due diligence process.

“We hope to make further announcements in the next few weeks as the fund looks to acquire long-dated, index-linked assets, which can be actively managed to drive performance.”

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