Tri7 (formerly known as Skape Real Estate), a real estate investment and asset management firm, and funds advised by Alchemy Special Opportunities LLP (Alchemy), the European private equity and special situations firm, have formed a partnership that will provide Tri7 with up to £100 million of funding to invest up to £250 million into real estate value-add opportunities that have arisen on the back of Covid-19 and the continued disruption of the highstreet across the UK.
Tri7 seeks to generate value through hands-on re-positioning of properties which can include improving their existing use through extensive refurbishment as well as capturing alternate use value through obtaining planning for and re-developing buildings into assets that are in higher demand by both occupiers and investors such as student accommodation or residential.
As a first investment of the newly established partnership, Tri7 in July acquired the ~200k sqft “The Core” Shopping Centre in Leeds city centre located off King Charles Street containing 30 retail units spread over three levels. Tri7 is actively looking to acquire further individual shopping centres, retail parks and office blocks as well as portfolios with a focus on assets in the UK’s leading regional cities and town centres.
Tri7’s founders – Chairman Nigel Henry (Co-founder of Fusion Students) and directors Samuel Castle and Alex Bowman – came together in 2018 and have since built a sizeable portfolio of retail and office properties on behalf of various funders across the UK.
Established in 1997, Alchemy targets opportunities across Europe to partner with and work alongside management teams, helping them to create and grow value by solving problems, helping take difficult decisions and driving through change. Since inception Alchemy has completed over 190 transactions, investing over £4billion into companies and organisations spread across 14 countries.
Matthias Gradischnig, Director at Alchemy, commented “We are delighted to build on our longstanding partnership with Nigel and think that with Tri7 we are backing a great team with an entrepreneurial approach to unlocking value in often undermanaged or obsolete assets.”
Samuel Castle, Commercial Director at Tri7 says: “The Tri7 team have proven development and management expertise and take a very creative and hands-on asset management approach which helps to drive income and reintroduce occupiers, life and footfall to the properties we acquire.”