Investec Bank has acquired the 53,000 sq ft 2 College Square office in Bristol for its REALIS equity strategy.
Constructed in 2011 and located in Bristol’s historic Harbourside, 2 College Square is currently 75 per cent occupied.
Prominent occupiers are law firm CMS and investment manager Hargreaves Lansdown.
XLB will be responsible for the asset and development management of the scheme, with the intention to undertake a modernisation programme focused on enhancing the building’s specification and amenities.
It is expected this will include the installation of a roof terrace, improvement of end-of-trip facilities and refurbishing vacant office space, with the aim of meeting modern occupier demand and capturing the asset’s reversionary potential.
This transaction represents REALIS’s third acquisition with XLB in 13 months, following investments in regional locations including Manchester and Brighton.
Tom Punch, real estate equity specialist at Investec, said: “This acquisition exemplifies REALIS’ core office strategy of partnering with best-in-class operating partners to modernise high-quality assets with strong fundamentals in supply-constrained markets.
“We’re delighted to extend our partnership with XLB and look forward to delivering a best-in-class scheme for occupiers.”
William Poole, partner at XLB, added: “Bristol benefits from a strong occupier base and a limited Grade A pipeline over the next 24 months.
“2 College Square has excellent fundamentals and the planned programme will materially enhance the occupier offer.
“XLB looks forward to working alongside Investec REALIS to deliver improvements that strengthen the building’s competitiveness and drive performance.”
The acquisition was for an undisclosed price.
Investec REALIS and XLB were advised by DTRE and Shepherd & Wedderburn.
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