UK property investment and management platform Praxis has teamed up with private credit investor Veld Capital to acquire Brindleyplace, a mixed-use campus in Birmingham city centre, UK, for £125 mln (€146 mln).
The canal side campus, acquired from HSBC Alternative Investments, comprises several high-quality office-led buildings, ground floor leisure space, a multi-storey car park, as well as a retail arcade, 4-star hotel, art gallery and aquarium.
Developed by Argent in the early 2000s, 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.
Under the previous ownership, the estate benefited from significant capital investment as well as the delivery of the new tram connection and the opening of the neighbouring Paradise development.
Sebastien Wigdo, partner at Veld Capital, commented: '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.
'It also illustrates our pragmatic approach as a solutions-provider for sellers of high-quality assets in an uncertain economic climate.'
