Investec Bank has acquired the 53,000 sq ft 2 College Square office scheme in Bristol for an undisclosed price for its REALIS equity strategy.
Constructed in 2011 and located in Bristol’s historic Harbourside, the building is currently 75% occupied, predominantly by law firm CMS and investment manager Hargreaves Lansdown.
REALIS and asset manager XLB intend to undertake a modernisation programme focused on enhancing the building’s specification and amenities, including the introduction of a roof terrace, repositioning the common areas, improving end-of-trip facilities and refurbishing vacant office space.
Tom Punch, real estate equity specialist at Investec, said: “This acquisition exemplifies REALIS’ core office strategy of partnering with best-in-class operating partners to modernise high quality assets with strong fundamentals in supply-constrained markets. We’re delighted to extend our partnership with XLB and look forward to delivering a best-in-class scheme for occupiers.”
William Poole, partner at XLB, added: “Bristol benefits from a strong occupier base and a limited Grade A pipeline over the next 24 months. 2 College Square has excellent fundamentals and the planned programme will materially enhance the occupier offer. XLB looks forward to working alongside Investec REALIS to deliver improvements that strengthen the building’s competitiveness and drive performance.”
Investec REALIS and XLB were advised by DTRE and Shepherd & Wedderburn.
