Praxis and Veld Capital acquired commercial office and retail space across six buildings and 800,000 sq ft of Grade A real estate close to Birmingham City Centre for £125m.
The asset was sold by HSBC Alternative Investments and represents the largest regional office deal to date in 2023. The estate is currently 90% occupied, hosting blue-chip and local tenants including Deutsche Bank, Michael Page, Lloyds, Deloitte, Marsh, Lloyds, Q-Parks, Zizzi, Pret a Manger and Piccolino. Praxis is planning a significant capex programme which will upgrade and decarbonise the buildings.
Praxis is a privately-owned investor and manager of UK real estate. Veld Capital is a private investment firm focused on credit opportunities across a range of asset types.
BDO provided financial and tax due diligence and SPA review services in support of the transaction.
“It was a pleasure working with the Praxis and Veld Capital teams on this deal. We are delighted to have been able to use our specialist real estate transactions team in the UK and in Luxembourg to provide integrated buyside support on such a significant regional office transaction. We wish the Praxis and Veld Capital teams all the very best as they upgrade and decarbonise the Brindleyplace scheme to create best-in-class office and leisure space."
Craig Martin, Partner - Transaction Services