Development Securities and Grainger Trust have bought the 10-acre Curzon Park site in Birmingham from Eastside Partnership for £33.5m in an equal joint venture.
The move has prompted DevSec to launch a £23.1m fundraising through the placement of 3.7m new shares, underwritten by Collins Stewart.
The site, which will cost £350m to develop, will be dominated by office accommodation but also includes residential space, a 180-bed hotel and retailing space.
