Investec Bank has acquired 2 College Square, a 53,000 sq ft office building in Bristol’s Harbourside, for an undisclosed price, on behalf of its REALIS equity strategy.
2 College Square, Bristol
The building, built in 2011, is 75% occupied, with tenants including law firm CMS and investment manager Hargreaves Lansdown.
Asset manager XLB will be responsible for asset and development management of the offices. The pair are planning a modernisation programme to improve end-of-trip facilities, refurbish vacant offices and add a roof terrace, in a bid to meet modern occupier needs and capture the asset’s reversionary potential.
REALIS was set up by Investec in 2024 amid a period of rapid repricing within the real estate market. The deal marks its third transaction with XLB in 13 months following deals in 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.”
XLB partner William Poole added: “Bristol benefits from a strong occupier base and a limited grade-A pipeline over the next 24 months.”
He added that 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”.
In 2016, CBRE Global Investors paid £22.8m to buy 2 College Square from M&G Real Estate.
Investec REALIS and XLB were advised by DTRE and Shepherd & Wedderburn.
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