Campus To Be Re-Orientated Towards Life Sciences
National law firm Irwin Mitchell has advised Praxis and its joint venture partner on the acquisition of a 300,000 sq. ft office campus at Breakspear Park in Hemel Hempstead for £29.5 million. The building was acquired from the Zurich Pension Fund who had acquired the asset for more than £60m in 2014.
Praxisis currently one of the most active players in the UK’s commercial real estate market.
Breakspear Park was developed in 1988 for British Petroleum as the firm’s global headquarters. The office campus is currently home to 21 companies including Britvic, Boston Scientific, Butlins, NHS and Parker Hannifin and incorporates a mix of laboratory, data hall and office space.
Praxis intends to create an operationally net carbon zero building and reorient the asset toward life sciences occupiers. The large data halls and laboratory space – which includes 7 MVA of power – can be transitioned towards the life sciences sector and users.
The team at Irwin Mitchell was led by property partner Ayesha Hasan, with corporate partner Adam Kaucher advising on the joint venture and Paddy Sturman on the banking side. The national property team provided addition due diligence support.
The deal comes hot on the heels of Praxis’ acquisition of Brindleyplace in Birmingham for £125 million. The company has now competed £250 million of deals this year across the office, retail, leisure and strategic land asset classes.
Expert Opinion"This is another exciting opportunity for Praxis. We are delighted to have helped advise them on another deal in the UK". Ayesha Hasan, Property Partner at Irwin Mitchell