Luxembourg-based property company Almacantar has exchanged contracts with Orchard Street Investment Management to purchase Marble Arch Tower for £80 mln (EUR 92 mln).
Luxembourg-based property company Almacantar has exchanged contracts with Orchard Street Investment Management to purchase Marble Arch Tower for £80 mln (EUR 92 mln).
The 82-metre tower overlooking Hyde Park is one of the most prominent buildings in London's West End. The 15,500 m2 mixed-use property, situated at the corner of the western end of Oxford Street and the northern end of Park Lane, comprises a 21-storey office tower, shops fronting Marble Arch and Edgware Road and an Odeon cinema.
The acquisition follows on from Almacantar's recent £120 mln purchase of Centre Point at the eastern end of Oxford Street and the acquisition of an exclusive position with the Marylebone Cricket Club for the potential redevelopment of Lord's Cricket Ground. Almacantar is a UK investment and development firm founded in February 2010 by Mike Hussey, the former London chief of Land Securities and Neil Jones, at former Continental Europe director at Grosvenor.
In April last year Almacantar raised EUR 150 mln in its first closing, including EUR 100 mln invested by Exor, the investment arm of the Italian Agnelli family.
