Savills Investment Management has completed the purchase of 125 Shaftesbury Avenue for €294.8m (£267m) from Almacantar. Savills IM concluded the transaction on behalf of a club of Korean institutional investors managed by Vestas Investment Management.
The building, located in central London’s Soho district, was built in 1982 and consists of 190,000ft² of office, retail and ancillary space over 11 floors, including ground and basement. The office space in the property, consisting of 140,000ft², is undergoing a comprehensive refurbishment and is leased to WeWork for a term of 20 years. The 37,000ft² of retail space is let to five tenants, which include Made.com and Nisbets.
Alistair Ennever, Transaction Manager, Savills Investment Management, commented: “Savills IM is delighted to have advised Vestas Investment Management and its Korean institutional investors on the acquisition of 125 Shaftesbury Avenue. The building is a substantial freehold in the West End of London, which is well let and will undoubtedly benefit from the opening of the Elizabeth Line at Tottenham Court Road in 2019. We look forward to managing this building as the location develops and continuing our partnership with Vestas and its investors in future transactions.”
Savills IM and Vestas Investment Management are also preparing to launch a discretionary fund for Korean Institutional Investors to acquire European logistics and office properties in Q1 2019.
Harry Chichester, Asset Director, Almacantar, commented: “We congratulate the new owners on a professionally-managed transaction and on the acquisition of a great asset. As reported previously, the proceeds will be used for general corporate purposes, including a source of potential capital for new opportunities.”