New jv to plough £250m into shopping centres after Leeds debut
Private equity firm Alchemy and asset management firm Tri7 have launched a partnership seeking to invest £250m in UK city and town centre real estate, focusing on shopping centres, retail parks, office blocks and portfolios.
The partnership has kickstarted its investment drive with the acquisition of a 200,000 sq ft shopping centre in Leeds, known as the Core (pictured), from Columbia Threadneedle.
As part of the partnership deal, Tri7 – formerly known as Skape Real Estate – is backed with £100m funding from Alchemy.
Private equity firm Alchemy and asset management firm Tri7 have launched a partnership seeking to invest £250m in UK city and town centre real estate, focusing on shopping centres, retail parks, office blocks and portfolios.
The partnership has kickstarted its investment drive with the acquisition of a 200,000 sq ft shopping centre in Leeds, known as the Core (pictured), from Columbia Threadneedle.
As part of the partnership deal, Tri7 – formerly known as Skape Real Estate – is backed with £100m funding from Alchemy.
Tri7 said it aims to generate value through “hands-on repositioning of properties”, including improving existing uses through extensive refurbishment.
It will also look to capture alternate use value by redeveloping buildings into assets that are in “higher demand” by occupiers and investors, such as student accommodation or residential.
Alex Bowman, acquisitions director at Tri7 said: “In order to thrive, many assets need investment and a broader range of income-generating occupiers. This is where Tri7 can add significant value with our expertise in sectors including retail, residential, office and student accommodation.”
Matthias Gradischnig, director at Alchemy, said that with Tri7, Alchemy is “backing a great team with an entrepreneurial approach to unlocking value in often undermanaged or obsolete assets”.
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Image courtesy of Tri7
