Meyer Bergman, the London based pan-European investment manager, has acquired Waterstones' flagship store in London.

Meyer Bergman, the London based pan-European investment manager, has acquired Waterstones' flagship store in London.

The investment volume for Europe's largest bookshop was not disclosed.The vendor is the German listed property company IVG Immobilien.

Meyer Bergman acquired the 6,163 m2 Grade II listed building on behalf of Meyer Bergman European Retail Partners II (MBERP II), the firm's second value-add fund.

Located steps away from Piccadilly Circus, the building originally opened in 1936 as Simpson's Department Store. Bookstore chain Waterstones has leased the entire building, consisting of a basement, ground and eight upper floors, since 1999 as its flagship store.

George Walsh Waring, a principal at Meyer Bergman, said: 'This is the second investment that we have made on Piccadilly after Burlington Arcade. Piccadilly offers great investment potential due to strong retailer demand for central London locations and its close proximity to the UK's two top shopping streets - Bond Street and Regent Street. Aided by The Crown Estate’s efforts to revitalise Regent Street and St James's gateway, we expect the area to continue to evolve and attract top retailers looking for representation in an area with probably the best footfall in the city.'

MBERP II has gained strong interest from European and North American institutional investors as it approaches its final closing this spring, and is expected to exceed its target size of €500 mln, excluding leverage.

Meyer Bergman was advised by Jones Day. Royal Bank of Scotland enprovided a whole loan to finance the acquisition, representing a loan-to-value of about 60%.