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BPS Purestone launches with plans to invest £500M in London offices
The platform says it is targeting £500M in gross development value within three years, after launching last month with a £32.6M office purchase.
Bisnow reports that BPS Purestone has formally launched with a plan to disrupt central London’s office market by moving quickly to acquire value add assets, backed by what the company describes as diversified capital access.
The venture launched last month after buying the office asset 85 Tottenham Court Road from Derwent London for £32.6M, with Revcap as the private equity joint venture partner and senior lending provided by Cynergy Bank.
BPS Purestone says it will deploy “significant equity at pace,” and it has started with £160M in gross development value across developed and pipeline projects. The company’s goal is to reach £500M GDV within three years.
The firm points to its 43,000 square foot 80 to 85 Tottenham Court Road blueprint, where it plans a retrofit and building upgrade for a 30 year old asset, and it has appointed joint agents Cushman and Wakefield and Comptons. Its directors say the deal’s capital stack combines founder equity, family office capital, private equity funding, and bank lending to support rapid transaction execution.