Trinova Real Estate has completed the off-market acquisition of 103 Mount Street, London W1, from Meyer Bergman on behalf of Stars REI for a price reflecting a net initial yield in the region of 4%. Situated in the heart of London’s exclusive Mayfair district, 103 Mount Street sits opposite the five-star Connaught Hotel and is just 300 metres from Berkeley Square. The property comprises c.32,000ft² of office and retail accommodation and is multi-let to four office tenants, with the retail space entirely occupied by Celine. Meyer Bergman acquired the property in 2015 on behalf of its second value-add closed-ended fund Meyer Bergman Retail Partners II (MBERP II).
Josip Kardun, Chief Investment Officer at Meyer Bergman, said: “Using our deep asset management expertise, we refurbished 103 Mount Street to make the building more appealing to modern occupiers while also driving occupancy through successful leasing activity. There is still strong demand from investors and occupiers for high-quality office and retail space in central, high footfall locations and we see good opportunities to reposition existing assets across core European cities as the urban landscapes continue to evolve.”
Edmund Costello, Partner at Trinova Real Estate commented: “In these turbulent times we are focused on acquiring assets with good bones, great floor plates and natural light, and with unquestioned location fundamentals. 103 Mount Street meets these requirements and more and has been well managed by Meyer Bergman. We look forward to working hard to enhance the asset on behalf of our partner Stars REI.”
Oscar Boettiger, CEO at STARS REI added: “We believe 103 Mount Street is a great addition to our real estate portfolio. At STARS REI, regardless of market cycles, we are keen to invest in assets that offer immediate optionality and benefit from strong locations and building quality, all of which are sustainable long-term fundamentals.”