Tuesday, 17 February 2015
Meyer Bergman fund acquires Vinopolis site for €406.1 mln (UK)
A fund advised by pan-European retail property investment manager Meyer Bergman has acquired the Vinopolis two-acre site next to the London foodie mecca of Borough Market with plans to develop 18,000 m² of boutique stores in an investment totaling more than £300 mln (approx. €406.1 mln).
George Walsh Waring, a Principal of Meyer Bergman, said: “This vibrant central London neighborhood is undergoing rapid change and the retail offering is woefully inadequate given the needs of residents and the huge flow of tourists, commuters and office workers passing through every day. It is a signature investment for the fund and the proposed transformation will make a lasting and fitting contribution to the continued regeneration of this historic part of London when the scheme opens in 2018.”
Meyer Bergman European Retail Partners II has joined forces with niche central London developer Sherwood Street Ltd. in acquiring the leasehold to a two-acre site beneath Victorian railway arches that is currently occupied by Vinopolis; the bar, dining, and events location, which is scheduled to close in the spring of 2016. The two partners have also acquired the mixed-use building Thames House and other sites adjacent to the Vinopolis Centre for the redevelopment.
The proposed retail development sits beside Borough Market, London’s premier attractions for gourmet food lovers, on the south bank of the River Thames facing the City of London financial district. Nearby London Bridge mainline and underground stations are forecast to bring around 50 million people a year to the area by 2018 and the Bankside riverside footpath is a popular route for tourists visiting the Tate Modern gallery, the Globe Theatre and the landmark Shard skyscraper, while the campus of Guy’s Hospital is also in the immediate vicinity.
Source: Bellier Financial