AXA Real Estate Investment Managers (“AXA Real Estate”), the leading real estate portfolio and asset manager in Europe, has signed, on behalf of one of its clients, a new 15 year lease with Matalan, a major UK fashion retailer, for approximately 18,500 sq ft (1,719 sq m) of space at 149/151 Oxford Street, giving the retailer its first central London store.
Matalan will undertake a comprehensive, new concept fit-out to trade basement, ground and 1st floor, with opening expected at the beginning of 2015. 149/151 Oxford Street is ideally located on London’s busiest shopping street that will benefit from the new Crossrail station at Tottenham Court Road due to open in 2018.
This letting follows a number of other major asset management initiatives that AXA Real Estate has transacted on behalf of its clients including a new lease with Victoria’s Secret for more than 6,700 sq ft (c. 622.5 sqm) of space at 116/117 New Bond Street and a new 15-year lease with German luxury fashion retailer Hugo Boss at 120-122 New Bond Street.
Julian Best, Head of UK Asset Management at AXA Real Estate, commented: “Completion of this significant letting, which follows a number of other recent successful lettings we have achieved in the area, clearly demonstrates our ability to tailor products to match the specific requirements of retailers thereby creating value for our clients.”
Dorrien Thomas, Regional Head of Asset Management - Northern Region at AXA Real Estate, commented: “We believe that the underlying fundamentals of the UK retail sector in high footfall and globally recognised destinations such as Oxford Street, will continue to offer a robust, long-term source of income that will enable us to keep delivering value to our clients.”
Source: AXA Real Estate