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Alchemy backs Tri7’s £250m plan for UK’s stricken centres

The Core, Leeds.

Private equity firm Alchemy Special Opportunities is backing asset manager Tri7 to the tune of £100 million in a partnership that will invest £250 million into value-add opportunities arising from Covid and the disruption that it has caused in UK high streets.

Tri7, formerly known as Skape Real Estate, has already acquired a 200,000 sq ft (18,580 sq m) shopping centre in Leeds city centre known as The Core. The three-storey asset, near King Charles Street, has 30 shop units.

Tri7 said that it is seeking shopping centres, retail parks and office blocks as well as portfolios with a focus on assets in the UK’s leading regional cities and town centres.

The company plans to generate value, either re-positioning properties by refurbishment, finding alternative uses, or redeveloping them to higher value uses such as student accommodation or residential.