UK real estate investment manager Greenridge Investment Management has acquired the One Tower Bridge retail and leisure real estate asset in London from Redevco for an unspecified sum.
The acquisition of the asset in London’s Southbank marks the first London investment from Greenridge Opportunities (GO), a £150m core-plus fund.
The asset consists of 14 commercial units, anchored by occupiers including The Ivy Restaurant, Vapiano, Sainsbury’s, Rosa’s Thai and the 900-seat Bridge Theatre.
The majority of the units are occupied, with 86% of the existing rental income index linked.
Greenridge said it plans to implement a targeted asset management plan aimed at optimising income and asset value through increasing lease completions, open market and inflation-linked rent reviews.
Alex Walker, partner at Greenridge, said: “Today’s announcement demonstrates our conviction in the long-term resilience of prime London leisure and retail properties, as well as the UK capital’s enduring appeal as a global investment destination.
“One Tower Bridge offers an exceptional tenant profile in an iconic riverside location, aligning perfectly with our strategy of targeting high-quality, income-generating opportunities in established urban sub-markets.”
Paul Simmons, co-founder at Greenridge, said: “The acquisition of One Tower Bridge is further proof of our ability to leverage three decades of investing and relationship-building to source and execute complex transactions, acquiring highly attractive assets at compelling price points.”
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