The Crown Estate has acquired 60,000 sq ft (5,580 m2) of office and retail space at 117 Jermyn Street in London from DTZ Investors for £67 mln (€87 mln).
The deal adds to the Crown Estate's existing St James’s holdings where it owns around 50% of the buildings.
'We’re delighted to have further consolidated our position in St James’s with this strategic acquisition located between our award-winning One Eagle Place and our new landmark development, St James’s Market,' said James Cooksey, director of Central London.
Chris Sim, director at DTZ Investors, added: 'We are delighted to complete the sale of 117 Jermyn Street which successfully concludes the business plan for this asset. The fund has seen significant income growth over the period of ownership as well as delivering a significant capital return for our client.'
The Crown Estate is investing a total of £500 mln in St James’, partly through a £400 mln joint venture with Oxford Properties to create seven new restaurants, 210,000 sq ft of new office accommodation and five flagship stores for lifestyle and fashion brands at St Hames' Market.
Cushman & Wakefield acted on behalf of The Crown Estate with Allsop acting for DTZ Investors.
