Simon Ewart Perks, director in the central London investment team at Savills, commented on the sale of Burlington Arcade:
“Burlington Arcade represents an iconic and unique retail parade in the heart of Mayfair. The price achieved reflects the successful execution of our clients’ asset management strategy but also the opportunity for the incoming purchaser to further curate the tenant mix and establish a new and consistent rental tone throughout the arcade”.
Joseph Sitt, CEO of Thor Equities, added: “After repositioning and restoring the Burlington Arcade to its former glory, we felt the time was right to sell this historic landmark. With its magnificent redesign and new luxury tenants, the property will remain a treasured London destination for generations to come.”
Oliver Fraser-Looen, head of cross-border retail investment at Savills, said: “We are delighted to have acted on behalf of two key clients of the firm in exiting such an iconic asset. We were able to mobilise a key workgroup that drew upon experts in our London investment and leasing teams as well as our cross border retail and global capital markets groups, in order to get our clients the best possible exit in a timely manner.”
Savills was jointly instructed with Michael Elliot by Thor Equities and Meyer Bergman.