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Hermes Investment Management has completed the sale of 55 Temple Row, Birmingham, to IM Properties for £21 mln (€27 mln).

Originally occupied by the Bank of England, the 55,000 sq ft (5,100 m2) mixed-use building was acquired by Hermes in 2009, and a full refurbishment was completed recently.

The office space is currently occupied by CBRE Birmingham (13,500 sq ft) and St Philips Chambers (16,700 sq ft), while its retail space along Cherry Street is let to Sports Direct Gym, Jessops, Pret a Manger, McDonald’s and Greggs.

'This sale of 55 Temple Row follows an extensive period of asset management which saw Hermes invest £1 mln upgrading the property. Following the upgrade we decided to release capital in the property but still retain a strong presence in Birmingham through our investment in Paradise,' said Chris Taylor, head of private markets at Hermes Investment Management.

GBR Phoenix Beard acted for Hermes, while CBRE’s capital markets team acted on behalf of IM Properties.