Private credit specialist investor, Veld Capital, and UK property investment platform, Praxis, have acquired Brindleyplace, in Birmingham, for £125 million.
The prime 14.9-acre canal-side campus was sold by HSBC Alternative Investments is one of Birmingham’s most popular business and leisure destinations.
Brindleyplace is a multi award-winning commercial campus
Developed by Argent in the early 2000s, Brindleyplace is now a multi award-winning commercial campus, comprising several high-quality office-led buildings.
The campus also has ground floor leisure space, a multi-storey car park, as well as a retail arcade, 4-star hotel, art gallery, an aquarium and a leisure scheme. The estate is currently 90% occupied, with blue-chip and local tenants including Deutsche Bank, Michael Page, Lloyds, Deloitte, Marsh, Lloyds, Q-Parks, Zizzi, Pret a Manger and also 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.
Landmark, income-generating estate
Sebastien Wigdo, Partner at Veld Capital, says, “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 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.”
James Hewitt, COO at Praxis, says, “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.”
Gerald Eve advised the purchaser. JLL and Acre Capital Real Estate advised the vendor.
