The acquisition was completed in partnership with Sovereign Centros on behalf of Europa Fund V.
The site is adjacent to the One Stop Shopping Centre and Retail Park and is close to junction six of the M6.
The partnership plans to submit a planning application shortly for the development of around 7,900m² of logistics space.
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James Brodie, director at Europa Capital, said: “Given its excellent strategic location being only a short distance from Birmingham city centre and close to a major motorway junction, we anticipate the site will be of great interest to last mile logistics providers.”
Chris Geaves, chief executive at Sovereign Centros, added: “The site was sourced on an off-market basis and offers an excellent opportunity to regenerate the area alongside the significant investment that will be awarded by the Commonwealth Games in 2022, while any new logistics space will also support additional employment growth in the area.”