Brindleyplace in the heart of Birmingham acquired for £125M
Praxis and Veld Capital have acquired the multi award-winning commercial campus Brindleyplace in the middle of Birmingham from HSBC Alternative Investments for £125 million.
The 14.9 acre site is home to several high-quality office-led buildings and also has ground floor leisure space.
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It also features a multi-storey car park, a retail arcade, 4-star hotel, art gallery, aquarium and a leisure scheme.
The estate is currently 90% occupied, hosting blue-chip and local tenants like Deutsche Bank, Michael Page, Lloyds, Deloitte, Marsh, Lloyds, Q-Parks, Zizzi, Pret a Manger and Piccolino.
"We are pleased to have acquired such a landmark, income generating estate with strong existing ESG credentials and clear decarbonisation potential," said Sebastien Wigdo, partner at Veld Capital.
"This acquisition adds to our recently assembled portfolio of UK regional office properties with Praxis in what we believe is a once-in-a-cycle opportunity to invest and aggregate best-in-class properties, with strong fundamentals, at a very compelling entry basis. It also illustrates our pragmatic approach as a solutions-provider for sellers of high-quality assets in an uncertain economic climate."
James Hewitt, chief operating officer (COO) at Praxis, added: "This is a hugely exciting acquisition for us.
"We are committed to ambitious net zero carbon targets for the assets we acquire, and the exceptional quality of the Brindleyplace scheme makes these buildings prime candidates for our retrofit strategy.
"Our intention now is to invest significant capital to decarbonise the buildings and deliver some of the best office and leisure space in the UK."
Birmingham is now established as the UK’s second city and is the economic and cultural powerhouse of the Midlands.
Infrastructure investment in the area includes the high-speed railway project HS2, which is planned to link London to Birmingham in just 45 minutes by 2030.
Meanwhile, Brindleyplace was developed in the early 2000s by Argent, which is behind some of Britain’s most successful mixed-use locations including the King’s Cross Estate in London and One Piccadilly Gardens in Manchester.
Praxis is a privately owned investor and manager of commercial real estate, while Veld Capital, established in 2009, is the credit investment arm of AnaCap Financial Partners.
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