Landmark Birmingham estate acquired in £125m deal
Brindleyplace has been acquired for £125m, with new investors planning to decarbonise the buildings and deliver “some of the best office and leisure space in the UK”.
UK property investor Praxis, alongside private credit specialist investment firm Veld Capital, has purchased the 14.9-acre development from HSBC Alternative Investments.
Developed by Argent in the early 2000s, the developer behind the King’s Cross Estate in London and One Piccadilly Gardens in Manchester, Brindleyplace is now home to tenants such as Lloyds, Deloitte, Deutsche Bank, Michael Page as well as Zizzi, Pret a Manger and Piccolino. The estate is currently 90% occupied and offers ground floor leisure space, a multi-storey car park, a retail arcade, 4-star hotel, art gallery and aquarium.
Brindleyplace has recently benefited from the delivery of the new tram extension as well as the opening of the nearby Paradise scheme.
James Hewitt, COO at Praxis, commented: “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, commented: “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.
