Praxis and Veld buy Brindleyplace

Praxis and Veld Capital have bought Birmingham’s Brindleyplace for £125m. The joint venture between the UK property investment and management platform and the private credit specialist investor has taken over the 14.9-acre canal-side campus from HSBC Alternative Investments. The iconic “work-live-play” location was developed by Argent from 1993 to 2009 and includes leisure space, a retail arcade, four-star hotel, art gallery and an aquarium, as well as around 1m sq ft of offices. The estate is 90% occupied, with tenants including Deutsche Bank, Avison Young, Lloyds and Deloitte. Sebastien Wigdo, partner at Veld Capital, said: “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.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews