UK property investment firm Praxis and private credit specialist Veld Capital have acquired the mixed-use Brindleyplace campus in Birmingham city centre for £125m (€144m).
The pair have acquired the 14.9-acre canal side campus from HSBC Alternative Investments.
The Brindleyplace estate includes several office-led buildings, a ground-floor leisure space, a multi-storey car park, a retail arcade, a 4-star hotel and an art gallery, an aquarium, and a leisure scheme, providing a broad range of amenities.
The estate which was built in the 2000s is currently 90% occupied.
James Hewitt, COO at Praxis, said: “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.”
Sebastien Wigdo, partner at Veld Capital, said: “We are pleased to have acquired such a landmark, income-generating estate with strong existing ESG credentials and clear decarbonisation potential.
“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.”
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