Oxford Properties Group (“Oxford”) and RLG Real Estate Partners L.P. (“Richemont”) have today announced they have exchanged contracts to purchase 48-50 New Bond Street from clients of Aberdeen Asset Management for €229m (£198 million). The 14, 678m² asset was developed by Scottish Widows in 2009 and provides 4,498m² of prime retail space across two units, leased to Mulberry and Pinet, together with 10,180m² of Grade A office space, leased to tenants including Ralph Lauren, Atomico, Varde Partners and Urban & Civic.
The acquisition by Oxford and Richemont, in 50:50 joint venture, strengthens the partnership’s position on London’s pre-eminent luxury retail destination, following the acquisition of 130–137 New Bond Street in 2014. The partnership now controls 70 meters of retail frontage on this section of Bond Street, with retailers including Belstaff, Breitling, Church’s, Corneliani, Pinet and Mulberry.
The deal was initially well-advanced earlier this year but was put on hold after the EU referendum result, before being revisited this month.
Oxford will act as lead asset manager to the joint venture, with RLG Real Estate Advisors acting as strategic asset advisor.