Praxis and Veld Capital joined to acquire the Brindleyplace in the heart of Birmingham city centre, UK, for c. €146.1m. The prime 60,298m2 canal side campus, acquired from HSBC Alternative Investments, is an iconic “work-live-play” location and is one of Birmingham’s most popular business and leisure destinations.
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, a 4-star hotel, an art gallery, an aquarium and a leisure scheme, providing a broad and attractive range of amenities. The estate is currently 90% occupied, hosting blue-chip and local tenants like Deutsche Bank, Michael Page, Lloyds, Deloitte, Marsh, Q-Parks, Zizzi, Pret a Manger and Piccolino.
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.”