Hines and Ballymore Group to Jointly Develop Two Snowhill in Birmingham
(LONDON) - Hines and Ballymore Group announced today an agreement to jointly develop Two Snowhill, a 14-story office building in Birmingham. Hines' European Development Fund II acquired the site and will fund the project.
Designed by Sidell Gibson, the distinctive 314,000-square-foot building is designed to be the 'big sister' to the adjacent One Snowhill office building, which is mainly occupied by KPMG and Barclays. Two Snowhill will contain 305,000 square feet of office and 9,000 square feet of retail space.
The law firm of Wragge & Co. has preleased 185,000 square feet of the office space.
Balfour Beatty has been hired as general contractor, and construction will start in May.
Project completion is expected in early 2013. Two Snowhill is targeting a BREEAM Excellent rating for sustainability.
Hines UK Director Anthony Leonard said, "We are looking forward to working with Ballymore as joint developers to complete Two Snowhill.
We are optimistic about additional leasing prospects, as Two Snowhill will be of the highest quality and will be the first new office building to be delivered in central Birmingham for more than three years."
Ballymore's Snowhill Project Director Richard Probert said, "Ballymore Group is delighted to have been able to reach an agreement with a partner that will enable us to deliver on our commitments. This is a great building, and the re-start on site next month will hopefully be a springboard both for the rest of the scheme and for a renaissance in the wider Birmingham office market."
The new development is Hines' third project currently under construction in the UK and reinforces the firm's commitment to quality development opportunities.
It follows 280 High Holborn in London's Midtown, where construction started earlier this year, and Cannon Place in the City, which will be finished this autumn.
Michael Topham, Executive Vice President and CEO, Hines Europe/MENA, said: "Snowhill is an important transaction for Hines and for the Hines European Development Fund II as funding source.
It demonstrates our continuing appetite to undertake major development projects in Europe."
Debt funding for Two Snowhill is being provided by Deutsche Hypo - London Branch.
Colliers International, Birmingham advised Hines while Savills advised Ballymore.
About Ballymore Group
Founded in 1982, by Sean Mulryan, The Ballymore Group is a design-led, international property development and investment company, with principal offices in London and Dublin. Ballymore is one of the largest privately owned developers specializing in large scale mixed use schemes. It has major developments across Europe, particularly in London, but also in Dublin, Birmingham, Manchester, Liverpool, Prague, Berlin and Bratislava.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm's historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,126 properties representing more than 459 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. With offices in 106 cities in 17 countries, and controlled assets valued at approximately $23.7 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.