Redevco UK has sold a building housing a Primark store on Oxford Street in London's West End to the Reuben Brothers for more than £160 mln (EUR 237 mln). The transaction reflects an initial yield of over 4%.
Redevco UK has sold a building housing a Primark store on Oxford Street in London's West End to the Reuben Brothers for more than £160 mln (EUR 237 mln). The transaction reflects an initial yield of over 4%.
Redevco instructed property advisor CB Richard Ellis to arrange a sale in October and market watchers expected the mixed-use property in the A1 shopping district to fetch at least £150 mln, property publication Vastgoedmarkt reported.
The property, Hereford House at 499 Oxford Street, comprises 12,00 m2 of retail space, 4,700 m2 of office space, and about the space for leisure.
David and Simon Reuben, who made a fortune in Russian steel, are significant players on the real estate stage in the UK and Europe. At the beginning of the year, Redevco sold 33 properties in Germany to the Reubens' River Group and Aerium Properties for EUR 385 mln.
Redevco, part of COFRA-Holding, has a portfolio with a total value of EUR 6.5 bn and is currently active in 16 European countries.
