BC Partners Real Estate has acquired Wingate House, a mixed-use building in London’s Soho area from Conegate.
The deal is the first investment by the group's new opportunistic real estate strategy launched last year. Although financial details were not disclosed, the asset is believed to be worth around €90 mln.
The 70,000 sq ft property comprises seven floors of office space, and three floors of retail/leisure space including the Curzon Soho cinema. Working with operating partner Seaforth Land, BC Partners will undertake a comprehensive refurbishment of the building to improve the quality of both the office and retail space.
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, added: '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, added: '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 launched in May 2018 to identify pan-European investment opportunities across real estate sectors, and to complement BC Partners’ existing private equity and private credit business.
Savills represented the vendor, while Pilcher Hershman represented BC Partners and Seaforth Land.
