Monday, 2 February 2015
Sorgente sells Queensberry House to Norges Bank Investment Management for €252.8 mln (UK)
Sorgente SGR, the Italian management company of Sorgente Group specializing in real estate funds, has finalized the sale of Queensberry House to Norges Bank Investment Management for £190.6 mln (approx. €252.8 mln).
The prestigious building, located in the Mayfair neighborhood of London, known for high fashion boutiques, luxury hotels and shopping arcades, was part of the portfolio of Fondo Donatello Comparto David.
The transaction, which took place at the end of a formal bid procedure, with the support of the advisor Knight Frank, initially involved more than 50 interested potential investors, attracted by the prospect of investing in one of the most exclusive London neighborhoods. Ultimately, seven formal offers were examined resulting in the selection of the winning proposal from Norges Bank Investment Management, which in 2014 was also involved in the acquisition of several other buildings in Mayfair.
The office portion of Queensberry House is accessed from Old Burlington Street, whereas the retail side overlooks Savile Row, world famous for the presence of exceptional traditional British gentlemen’s tailors and as such the target of major international investors. The freehold property object of the sale is currently leased to quality tenants and covers approximately 75,000 ft² (approx. 6,968 m²) of commercial space divided into office and retail distributed over 5 floors, including an additional 320 parking spaces over 7 floors of underground parking.