º£½ÇÊÓÆµ

Oops.

Our website is temporarily unavailable in your location.

We are working hard to get it back online.

PRIVACY
Commercial Property

Star City 'on sale for £60m'

Cerberus Capital Management is reportedly seeking buyer for casino and leisure complex which welcomed Hollywood stars in 2000

Star City has reportedly been placed on the market(Image: Graham Young)

A hunt has been launched to find a buyer for the Star City casino and leisure complex in Birmingham.

Owner Cerberus Capital Management has placed the development in Nechells on the market with a price tag of around £60 million, according to CoStar News.

The New York-based investment firm, whose º£½ÇÊÓÆµ arm is headquartered in London, acquired the scheme as a result of its acquisition of a tranche of Nationwide loans.

CoStar News said Cerberus had been discreetly seeking a buyer since February, with at least one major º£½ÇÊÓÆµ real estate investment trust known to have registered an interest.

F&C REIT acquired the scheme on behalf of Nationwide from X-Leisure for £85.5 million back in 2006.

Cerberus took control of the 400,000 sq ft centre via the tranche of Nationwide loans known as 'Project Carlisle', which it acquired for around £680 million at the end of 2014.

Star City, which even has its own canal moorings, was built by Wolverhampton-based infrastructure giant Carillion and opened in summer 2000.

It even welcomed Hollywood stars George Clooney and Mark Wahlberg who premiered their movie The Perfect Storm there and officially opened the Warner Village cinema.