Praxis buys two offices in South East as it targets buying spree
Value-add investor Praxis is gearing up for a buying spree in 2022, having bought two offices in the South East in the opening weeks of the year.
The company bought Central Court in Orpington, south-east London, from Aegon for £13.5m and Fusion 1, 2 and 3 on Solent Business Park in Fareham, Hampshire, for £24.5m from Columbia Threadneedle.
Praxis said that, having sold 55 assets in the two years before the pandemic, it is now looking to buy again. The company is under offer on a handful of other buildings for a combined £100m.
Value-add investor Praxis is gearing up for a buying spree in 2022, having bought two offices in the South East in the opening weeks of the year.
The company bought Central Court in Orpington, south-east London, from Aegon for £13.5m and Fusion 1, 2 and 3 on Solent Business Park in Fareham, Hampshire, for £24.5m from Columbia Threadneedle.
Praxis said that, having sold 55 assets in the two years before the pandemic, it is now looking to buy again. The company is under offer on a handful of other buildings for a combined £100m.
Gary Roberts, chief operating officer of Praxis, said: “We have been waiting patiently for the opportunity to deploy significant capital into the market, particularly into regional offices, which is a sector that we know and love.
“We have been tracking several buildings for more than a year and pricing is now at a level that looks interesting, particularly on a relative return basis.
“Offices are clearly out of favour, and that sentiment is materialising an opportunity for us to increase our exposure to the sector.”
Finn & Company and Irwin Mitchell advised on both transactions.
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Photo: Fusion 1, Solent Business Park, Fareham © EG Radius
