The opportunistic real estate investment platform launched by BC Partners in May last year has announced its first investment.
BC Partners Real Estate said it has bought the mixed-use Wingate House building in London’s Soho area from Conegate for an undisclosed sum.
The 70,000sqft property – comprising seven floors of office space and three floors of retail/leisure space including the Curzon Soho cinema – was reportedly up for sale through Savills for around £81m (95m).
BC Partners said it will work with operating partner Seaforth Land to undertake a comprehensive refurbishment of the building.
Charles Tutt, Principal at BC Partners Real Estate said: “Soho is known as one of London’s most dynamic, creative communities and Wingate House forms an essential part of the architectural heritage and cultural fabric of the area.
“This is a unique opportunity to demonstrate our vision of crafting modern, creative, spaces in London’s most vibrant neighbourhoods.”
Tyler Goodwin, CEO at Seaforth Land, said: “We have been monitoring Wingate House and are pleased to now be working alongside BC Partners on the project.
“Wingate House’s history in Soho, potential for redevelopment and appeal to occupational tenants means it is exactly the kind of building that Seaforth Land seeks to redevelop.”
Stéphane Theuriau, partner and head of BC Partners Real Estate, said: “Office space in prime Central London locations continues to be highly sought after – but supply remains restricted.
“We are excited to have made our first investment in London and to put our strategy into action to develop design-led, customer-centric workspaces in defensive central locations.”
BC Partners Real Estate was created to pursue a pan-European opportunistic investment strategy covering all real estate sectors, making direct and indirect private equity real estate investments as well as controlling and minority investments.