Listed real estate investor Capital & Counties Properties (Capco) has expanded its position in London's Covent Garden district by acquiring a mixed-use asset for £32 mln (€41 mln).
Listed real estate investor Capital & Counties Properties (Capco) has expanded its position in London's Covent Garden district by acquiring a mixed-use asset for £32 mln (€41 mln).
The acquisition from Legal & General Property relates to the freehold interests in 31-33 Bedford Street, a property providing 2,300 m2 of gross internal area. It comprises retail and restaurant units with frontage onto Bedford Street and office space which overlooks St Paul’s Church Gardens. There is also planning consent for conversion into 12 residential apartments.
The purchase is in line with Capco’s strategy of making tactical acquisitions on the estate. This includes expanding its ownership on Bedford Street, which is one of the key access points into the Covent Garden estate, and follows the purchase of 10 Bedford Street for £67 mln in October last year.
Sarah-Jane Curtis, Capco's director for Covent Garden, commented: 'This acquisition provides the opportunity for creative asset management to reposition the retail offering as well as the potential to create residential properties which offer fantastic views across Covent Garden and restore the estate’s residential heritage.'
Capco has 2.6 bn of assets under management, split equally between Covent Garden and Earls Court in London.