Lasalle jv buys Notting Hill Estate for EUR 149m

Lasalle Investment Management has teamed up with UK family investment firm William Pears to purchase the Notting Hill Estate in London for £131 mln (EUR 149 mln). The vendors are UK REIT Land Securities and real estate investor Delancey.

The Notting Hill Estate is situated along Notting Hill Gate and Kensington Church Street in West London and mainly comprises prime retail shops and restaurants. The estate also features office accommodation, a cinema and parking spaces.

Jonathan Rose, property director at William Pears Group said, 'It is very rare that you have the opportunity to purchase an estate of 4.5 acres (1.8 hectares) in such a salubrious part of London. There are a number of development, refurbishment and asset management opportunities on the estate which we will exploit.'

CWM advised the William Pears, while Lewis and Partners advised Lasalle.