Praxis/Veld JV pays £125m for Birmingham’s Brindleyplace

UK property investment and management platform Praxis and private credit specialist investor Veld Capital have acquired Brindleyplace mixed use development in Birmingham city centre for £125 million.

The 14.9-acre canal-side campus was acquired from HSBC Alternative Investments it was developed in the early 2000s by Argent, also the developer behind the King’s Cross Estate in London and One Piccadilly Gardens in Manchester.

Brindleyplace comprises several high-quality office-led buildings and the campus also has ground floor leisure space, a multi-storey car park, as well as a retail arcade, 4-star hotel, art gallery, aquarium and a leisure scheme.

The estate is currently 90% occupied with tenants which include Deutsche Bank, Michael Page, Lloyds, Deloitte, Marsh, Q-Parks, Zizzi, Pret a Manger and Piccolino.

“We are committed to ambitious net zero carbon targets for the assets we acquire, and the exceptional quality of the Brindleyplace scheme makes these buildings prime candidates for our retrofit strategy,” said Praxis COO James Hewitt. “Our intention now is to invest significant capital to decarbonise the buildings and deliver some of the best office and leisure space in the UK.” 

Gerald Eve advised the purchaser. JLL and Acre Capital Real Estate advised the vendor.