Emperor International Holdings, a Hong Kong-based property investment company, has acquired Ampersand, a mixed-use 8-storey building in Oxford Street in central London for £260 mln (€303 mln).
The Ampersand building, on the corner of Oxford Street and Wardour Street, has retail spaces, office premises and leasehold apartments and a total floor area of 90,999 sq ft (just under 9,000 m2). Its location is key, the Chinese company said, as it is in Soho, a retail and office area in London, and a short distance from the Tottenham Court Road Crossrail development, the biggest infrastructure project in the UK.
The acquisition is an investment focused on rental returns, the company said. 'In line with our strategic focus, the acquisition presents a rare opportunity to purchase a quality asset which will always be attractive to retail and office tenants on a blok basis in a prominent street in the world-renowned cosmopolitan city,' said Donald Cheung, executive director of Emperor International.
The Ampersand building will provide a solid rental income stream with long-term upside potential, he said, which Emperor International intends to realise through active asset management. 'With three street frontages, Ampersand building is an iconic premise featuring a fascinating combination of modern and heritage elements,' said Cheung. 'On the one hand, the building preserves the 18th Century façade facing Oxford Street, and on the other hand its Soho-style office floors embrace contemporary concepts with exceptional floor-to-ceiling heights.'
Emperor International has a property portfolio of over 464,000 m2 in Hong Kong, Macau and mainland China, but it now pursuing a diversification strategy, acquiring assets and companies in the UK and Europe.
