A new specialist real estate investment platform for value-add commercial and residential opportunities in Central London has launched.
BPS Purestone, which was founded by Mahir Vachani, Rishi Khurana and Rohan Jhaveri, already has £160m GDV of assets developed or in the pipeline and is targeting £500m GDV of assets within three years.
The platform’s first deal was the acquisition of 85 Tottenham Court Road, which was purchased last month from Derwent London for £32.6m. The acquisition was supported by private equity JV partner Revcap and Cynergy Bank.
BPS Purestone is actively exploring multiple sites across Central London and will follow a value-add investment strategy, targeting assets within zones one and two with strong market fundamentals, immediate connections to public transport nodes and a clear pathway to asset management enabled value creation within three years.
Vachani said: “We’re proud to announce the launch of our new investment platform. Since the pandemic, the return to the physical workplace – as well as the UK’s leading attractiveness to the global AI revolution – has produced a structural imbalance between occupier expectations and London’s existing stock. We see clear opportunities for risk-adjusted returns for our investors, through targeted investments that will upgrade existing assets to address this asymmetry.”
Khurana added: “We continue to believe in the enduring performance of prime London assets – which have shown their ability to maintain their value and stability across multiple geopolitical shocks. By investing into assets with established market fundamentals within sustainable locations, BPS Purestone will continue to deliver strong capital preservation and income durability.”
Elisabeth Simpson, relationship director at Cynergy Bank, said: “We are pleased to have partnered with Rishi and Mahir on the acquisition of 80–85 Tottenham Court Road and to support the launch of BPS Purestone. Their entrepreneurial approach, deep market knowledge and clear vision made this a highly collaborative transaction. We look forward to supporting the team as they execute their value-add strategy and deliver high quality space that meets occupier demand across Central London.”