The Crown Estate sold a new 250-year lease for a listed property in central London to The Carlyle Group for £36.5 mln (EUR 43 mln). The deal is Carlyle's second investment in prime London residential property.
The Crown Estate sold a new 250-year lease for a listed property in central London to The Carlyle Group for £36.5 mln (EUR 43 mln). The deal is Carlyle's second investment in prime London residential property.
'Opportunities to acquire properties which lend themselves so perfectly to prime redevelopment in such a world renowned location are extremely rare,' Robert Hodges, The Carlyle Group managing director said in a statement. 'We will seek to identify and secure further opportunities within this appealing and robust asset class in our efforts to secure outstanding properties which we believe deliver strong returns for our investors.'
The property, 88 St James' Street, is a landmark Grade II listed residential and commercial period building in one of London's most exclusive districts. Carlyle will soon start work on a planning application to reconfigure the internal layout of the building and convert the property to high-end residential use.
The Crown Estate retains the freehold to the property as part of its core central London holdings that include around 50% of the buildings in St James’s and where it recently launched a £500 mln investment strategy.
