Plaza Global Real Estate Partners, a joint venture of Quantum Global Real Estate and LaSalle Investment Management, has announced the acquisition of 23 Savile Row in London's Mayfair district, one of the best prime office buildings in the West End of the UK capital. The vendor is developer-investor D2Private.
Plaza Global Real Estate Partners, a joint venture of Quantum Global Real Estate and LaSalle Investment Management, has announced the acquisition of 23 Savile Row in London's Mayfair district, one of the best prime office buildings in the West End of the UK capital. The vendor is developer-investor D2Private.
The financial details were kept confidential. However, UK press reports put the investment price at around £210-220 mln (EUR 264 -277 mln).
The acquisition is Plaza's first since its inception earlier in the year as an investor in large real estate assets around the globe. With leverage, Plaza has $1 bn gross of initial buying power.
23 Savile Row is a trophy freehold property, which was developed in 2009. It comprises nearly 103,000 sq ft (9,600 m2) with floor to ceiling glazed façades on three sides. The space is let to a gallery on the ground floor and several financial companies on the six floors above.
Jean-Claude Bastos de Morais, owner of Quantum Global, said: 'It is very rare for freehold properties of such outstanding quality to come to the market in this location. We are very excited by the future prospects for both the building and the joint venture.'
