Almacantar has exchanged contracts for the purchase of Marble Arch Tower for £80 million (approx. 91.6 million).
The 82-m tall tower is one of the most prominent buildings in London's West End. The building, which overlooks Hyde Park, has been acquired from clients of Orchard Street Investment Management, the specialist commercial property investment manager.
The 166,000 ft² (approx. 15,400 m²) mixed-use property, situated at the corner of the western end of Oxford Street and the northern end of Park Lane, comprises a 21-story office tower, shops fronting Marble Arch and Edgware Road and an Odeon cinema.
The acquisition follows on from Almacantar's recent purchase of Centre Point at the eastern end of Oxford Street and having secured an exclusive position with the Marylebone Cricket Club for the potential redevelopment of Lord's Cricket Ground.
Commenting on today's announcement, Mike Hussey, Managing Director of Almacantar said: "We are delighted to have acquired Marble Arch Tower, one of the landmark buildings in London's West End. This deal is our third project in London this year and demonstrates our long term confidence in the future of the West End market."
Gary Felce, Chief Investment Officer at Orchard Street Investment Management, said: "Marble Arch Tower has been a good investment for the fund producing great returns since we acquired it seven years ago. The decision to sell was taken as part of a review of the portfolio that will allow Orchard Street to focus on projects elsewhere including 11 The Strand, 83-85 Pall Mall and 125 Wood Street."
Source: Tavistock Communications