Global property investors Thor Equities and AEW have acquired 100 New Oxford Street, a prime mixed-use building in London’s West End for £180 mln (€200 mln) from Tishman Speyer.
AEW’s stake in the property, which comprises 106,404 ft2 (9885 m2) of prime retail and offices, is being purchased through a club deal consisting of two German investors.
'100 New Oxford Street is a prime asset located in one of the most desirable districts in London for office and retail properties, and with the opening of the nearby Crossrail Tottenham Court Road station, demand for space in the area will only continue to grow,' said Joseph Sitt, CEO of Thor Equities.
'The property represents a compelling opportunity and a great introduction to the London market for our German clients, who we are very pleased to bring to the UK capital,' commented Rob Wilkinson, European CEO at AEW.
Tishman Speyer acquired the building from Hermes Real Estate and Canada Pension Plan Investment Board in 2015. Having purchased the property at 47% vacancy, the property became fully leased with new retail and office tenants in just six months.
It is currently fully occupied with 16 tenants, including two restaurants on the ground floor and six prime retail units let to tenants including Shake Shack, Jessops, Costa Coffee and All Bar One. Office tenants on the upper floors include Shisheido, WME Entertainment and Stanhope.
'This is another example of how Tishman Speyer can add value to a property through active asset management, and through attracting world-class tenants. This sale marks another chapter of Tishman Speyer’s successful history in the London office market, which began over 20 years ago,' said Dan Nicholson, managing director and head of UK for Tishman Speyer.
