The fund, launched in 2024, has acquired 2 College Square in partnership with XLB.

XLB will be responsible for asset and development management at the site, alongside the sourcing of future acquisition opportunities.

The building, located in Bristol’s Harbourside area, was constructed in 2011 and is currently 75% occupied. CMS and Hargreaves Lansdown are the most predominant tenants.

Investec REALIS and XLB now intend to undertake a modernisation programme focused on enhancing the building’s specification and amenities, including the introduction of a roof terrace, repositioning common areas, improving end-of-trip facilities and refurbishing vacant office space.

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“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,” said Tom Punch, real estate equity specialist at Investec.

“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.

“XLB looks forward to working alongside Investec REALIS to deliver improvements that strengthen the building’s competitiveness and drive performance.”