German asset manager Meag has invested €41 mln in a rare ground rent transaction in the West End of London.
Meag, owned by German insurers Munich RE and Ergo, acquired the freehold interest in 10 Bloomsbury Way from the Crown Estate.
The landmark island site, which fronts New Oxford Street, Bloomsbury Way and Bury Place, is let to London & Regional on a long leasehold agreement. This is the first time this ground rent investment has ever been traded.
'Meag has been an active investor in ground rents in Germany and is delighted to close our first acquisition of a ground rent investment in the UK. We hope to consider similar opportunities in London in future,' said Meag managing director Hans-Joachim Barkmann.
CBRE advised The Crown Estate on the sale, whilst Cushman & Wakefield advised Meag.
