Soros venture set for 32m pounds purchase

A PROPERTY investment partnership set up by George Soros, the high-profile international investor, and British Land is close to buying a complex of shops and offices in the West Midlands for about pounds 32m.

It would mean about pounds 120m had been invested so far by the joint venture, which sparked property shares into life in June when it announced an intention to spend up to pounds 1bn in the UK market.

The partners are said to be in advanced negotiations to purchase Temple Court, which is 300,000 square feet of retail and office space in the centre of Birmingham, from Richardson-Barberry Properties.

Under the agreement between British Land and Mr Soros's Quantum Fund, each would invest pounds 250m in UK property over the next four years. The joint fund would also invest another pounds 500m of borrowed money, and the whole lot was to have been invested by 1997.

John Ritblat, chairman of British Land, was not returning calls, but sources said the Birmingham deal could be signed next week. The building, once a Lewis's department store, has been redeveloped in the past 12 months and is due to open next year.

Much of the space has been pre-let, including to Coopers & Lybrand and the Lord Chancellor's Office. The site includes another 50,000 square feet that could be redeveloped.