KKR, the private equity firm with a real estate division, has announced its business plan for Heals furniture store on Tottenham Court Road, central London.
The company acquired the building in 2021 on behalf of KKR Real Estate Partners Europe II (REPE II) in conjunction with General Projects, a developer and operator of contemporary real estate. Since then, the investors have devised a mixed-use scheme.
While Heals will still trade at the new property over the ground and lower-ground level having signed a 20-year lease for newly-designed retail space, there will be office space above it.
Works have already begun on the initial 35,000 ft2 on the way to eventually providing 140,000 ft2.
Nicky Barker, head of asset management at KKR Europe Real Estate, said: ‘Our investment in the Heal’s Building reinforces our conviction that high quality London office space, in prime locations, has excellent fundamentals.’
