Feldberg Capital (Feldberg) has completed the first transaction for its new ReForm Fund, with the purchase of 8 Bloomsbury Street in London WC1 from an undisclosed institutional investor.
8 Bloomsbury Street, which was refurbished by architects Buckley Gray Yeoman in 2017, will receive further retrofit using Feldberg’s market-leading ESG expertise to provide tenants with bespoke, fully-fitted, best-in-class green workplace across 3,107m2. The ReForm Fund will transition the brown office to a green workplace.
The building is located being close to the dynamic mix of retail, restaurants, bars and theatres of Fitzrovia, Soho and Covent Garden. It is a three-minute walk from Tottenham Court Road Station, which has been bolstered as an office location with the opening of the Elizabeth line.
Robert Allen-Mersh, Director at Feldberg Capital, said: “We are seeing a once-in-a-generation opportunity to invest in some of Central London’s best commercial real estate assets at very attractive values. This transaction demonstrates our ability to source opportunities of the highest quality in a tough market. 8 Bloomsbury Street is a high-quality building in an excellent location a short walk from Tottenham Court Road Station, but requires significant ESG improvement works to create a best-in-class green workplace asset. This is an excellent first acquisition for the Fund as we look to assemble a unique Central London portfolio with an attractive pipeline.”
David Turner, Managing Partner at Feldberg Capital, said: ‘The London office market provides one of the most attractive risk adjusted investment opportunities in Europe. Rarely does such value exist in a global gateway city, but the window may close quickly as interest rates fall.’
Knight Frank advised Feldberg Capital and Savills advised the undisclosed institutional investor.
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