Tri7, the real estate investment firm formerly known as Skape Real Estate, and funds advised by Alchemy Special Opportunities, the European private equity and special situations firm, have formed a partnership to invest in real estate deals unlocked by the global pandemic.
The venture will provide Tri7 with up to £100 mln (€117 mln) of funding to invest up to £250 mln into real estate value-add opportunities that have arisen on the back of Covid-19 and the continued disruption of the highstreet across the UK.
Tri7 seeks to generate value through hands-on re-positioning of properties, including redeveloping buildings into high demand assets such as student accommodation or residential.
As a first investment of the newly established partnership, Tri7 in July acquired The Core Shopping Centre in Leeds city centre, containing 30 retail units spread over three levels.
Tri7 is actively looking to acquire further individual shopping centres, retail parks and office blocks as well as portfolios with a focus on assets in the UK’s leading regional cities and town centres.
Tri7’s founders, including Chairman Nigel Henry (co-founder of Fusion Students) and directors Samuel Castle and Alex Bowman, came together in 2018. They have since built a sizeable portfolio of retail and office properties on behalf of various funders across the UK.
Established in 1997, Alchemy targets opportunities across Europe to partner with and grow value. Since inception, Alchemy has completed over 190 transactions, investing over £4 bn into companies and organisations spread across 14 countries.
Matthias Gradischnig, director at Alchemy, commented: 'We are delighted to build on our longstanding partnership with Nigel and think that with Tri7 we are backing a great team with an entrepreneurial approach to unlocking value in often undermanaged or obsolete assets.'
Samuel Castle, commercial director at Tri7 said: 'The Tri7 team have proven development and management expertise and take a very creative and hands-on asset management approach which helps to drive income and reintroduce occupiers, life and footfall to the properties we acquire.'
Alex Bowman, acquisitions director at Tri7 said: 'In order to thrive, many assets need investment and a broader range of income generating occupiers.
'This is where Tri7 can add significant value with our expertise in sectors including retail, residential, office and student accommodation.'
