German lender Bayerische Landesbank (BayernLB) has provided 50% financing to Thor Equities and AEW for the acquisition of 100 New Oxford Street in London’s West End.
Thor Equities and AEW confirmed on Friday that they had completed the acquisition of the property from Tishman Speyer for £180 mln (€204 mln). The deal was first announced in August.
AEW acquired its interest in the property on behalf of a joint venture between two German institutional investors. The overall investment was funded by a mix of equity and a new £90 million debt facility provided by BayernLB.
100 New Oxford Street is a prime mixed-use building located just 100 metres from Tottenham Court Road station, which is currently undergoing a major refurbishment as part of London's Crossrail development. Tottenham Court Road will provide access to the Elizabeth line which is scheduled to open in 2018.
Europe’s largest infrastructure project, Crossrail is expected to bring an extra 1.5 million people to within a 45 minute commute of Central London. A number of significant retail and residential developments are also underway in the immediate area, including the Centre Point tower, across the road from 100 New Oxford Street, which will include 82 high end apartments, as well as retail and restaurants.
Rob Wilkinson, European CEO at AEW, said: 'This area of London has a strong and growing momentum behind it and the transaction reflects our ability to identify and secure high profile, core assets in competitive markets.'
100 New Oxford Street has been extensively refurbished and comprises a total of 9,880 m2, including 1,719 m2 on the ground floor across six retail units and two restaurants, with over 24 m2 of street frontage. The remaining 8,166 m2 consists of Grade A office space over six upper floors.
The property is fully occupied by 16 tenants, providing a diverse occupier base, including Shake Shack, Jessops, Costa Coffee and All Bar One on the ground floor, as well as Shisheido, WME Entertainment and Stanhope PLC on the upper floors.
Jared Hart, managing director of Thor Equities Europe, commented: 'We are pleased to add 100 New Oxford Street to Thor's rapidly expanding portfolio of retail and mixed-use properties located in prime areas of London, Paris, Madrid, Milan and other key global cities.'
