Investec REALIS (REALIS) has acquired a 33,000 sq ft office on Circus Street in Brighton city centre from Scape for an undisclosed price.
The acquisition of The Office marks the continued expansion of REALIS – the equity strategy launched by Investec Bank last year – and is the second in partnership with XLB Property, which will act as asset manager of the property.
REALIS and XLB intend to undertake a light, ESG-focused refurbishment of The Office, which was delivered in 2021.
Tom Punch, real estate equity specialist at Investec, said: “We continue to see a unique buying opportunity within prime offices due a mismatch in soft investment asset pricing and strong occupational market performance in select locations. The acquisition fits our core strategy in offices and we look forward to working with XLB to deliver on our shared vision for the asset.”
William Poole, partner at XLB, added: “Brighton is a market we have been targeting for some time now and we are delighted to have acquired The Office at Circus Street. Grade A supply pipeline is limited and we hope to see continued rental growth across the city. The building benefits from excellent fundamentals, high-quality occupiers and we are excited to continue our partnership with Investec REALIS.”
Investec REALIS and XLB were advised by Savills and Shepperd & Wedderburn.
