A fund advised by investment manager Meyer Bergman has acquired a prime mixed-use property on Mount Street in the heart of London's Mayfair for £80 mln (€113 mln).
A fund advised by investment manager Meyer Bergman has acquired a prime mixed-use property on Mount Street in the heart of London's Mayfair for £80 mln (€113 mln).
The building comprises the London store of designer women’s wear and accessories label Céline, part of France’s luxury giant LVMH.
Meyer Bergman has bought the 31,000 sq ft (2,900 m2) building for its European Retail Properties II (MBERP II) fund from London-based Kajima Properties and Hulic UK.
Céline occupies the ground floor unit of 103 Mount Street, while the upper floors are for office use.
'This purchase means that the equity raised for our fund a year ago is now fully committed. We have already begun work on the successor fund, which will enable us to take advantage of the number of opportunities we continue to see in the European market,' said Markus Meijer, Meyer Bergman’s Chief Executive Officer.
MBERP II raised a total of €750 mln of equity by its final close in summer 2014. The fund’s portfolio includes prime retail buildings on Bond Street, Piccadilly and Queensway in London, on the Champs-Elysees in Paris, Kobmagergade in Copenhagen, two Karstadt department stores in Berlin and the forward purchase of the Westfield Broadway shopping centre development in Bradford, northern England, which is scheduled to open in November.
Meyer Bergman was advised by Michael Elliott, Allsop, Concorde Capital, and Jones Day. The vendor was advised by DTZ.
