Praxis and Veld Capital have acquired Brindleyplace in the heart of Birmingham city centre from HSBC Alternative Investments for £125m.
The 14.9-acre canal side campus was developed by Argent in the early 2000s and, in addition to Grade A office space, it offers ground floor leisure units, a retail arcade, four-star hotel, art gallery, aquarium and a leisure scheme.
The estate is currently 90% let to tenants including Deutsche Bank, Michael Page, Lloyds, Deloitte, Marsh, Lloyds and Piccolino.
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, added: “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.”
Gerald Eve advised the purchaser. JLL and Acre Capital Real Estate advised the vendor.
