Meyer Bergman commented the sale of its 50% interest in London’s iconic Burlington Arcade to the Reuben brothers. It follows more than seven years of work to reposition the historic building as a luxury shopping destination.
Markus Meijer, CEO of Meyer Bergman, commented: “We saw the hidden potential for the arcade when others only saw a mature institutional asset. The transformed property is a great legacy for our maiden fund as we crystallise the significant value created for our investors. It is also a prime example of the kind of retail destination we believe will continue to attract local and international shoppers in the long term by offering them a unique and authentic shopping experience.”
06/07/2018 21:22 by Buildington
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.
11/05/2018 12:53 by Buildington
Simon and David Reuben have acquired the Burlington Arcade from Thor Equities and Meyer Bergman for ca. £300m.
The sale was advised by Michael Elliott.
09/05/2018 07:40 by Buildington
New planning permission sought for:
Staircase from the first floor to second floor on the right hand side of the property is to be removed, and the floors made good with construction methods to match the existing e.g timber floor. Existing stair from ground to first floor on left hand side of the property will be altered to incorporate an additional quarter flight of stairs from existing landing to access to right hand side of the unit. Existing wall is to be partially removed and lintel added for support allowing access to existing storage area, creating an area for displaying products more accessible and safer for customers to enter.
Ref. no.: 12/04037/LBC
Received: 20.04.12 by Westminster City Council
Source: Weekly planning list www.westminster.gov.uk/planning
06/05/2012 22:22 by Buildington
Letter - arcade made for small shops http://westminster.londoninformer.co.uk/2011/12/letter---arcade-made-for-small.html
12/12/2011 13:04 by Buildington
Financial Times has interviewed Joseph Sitt, one of the new owners of Burlington Arcade, about the controversy over the renovation plans:
30/10/2011 09:36 by Buildington
A sign already boasts that Jimmy Choo is “coming soon”. One shopkeeper, who did not want to be named, has said he was offered £1 million by a Russian, just to secure a lease. Read more from The Telegraph http://www.telegraph.co.uk/property/8848920/Battle-lines-drawn-in-the-Burlington-Arcade.html
27/10/2011 12:38 by Buildington
Fury grows over Burlington Arcade renovation - the new owners are planning a £5m renovation which includes refusing to renew the lease of Daniel Bexfield, an independent antique silverware specialist, because he "no longer fits the look". Campaigners claim the arcade's quaint, privately run shops are to be replaced with global brands such as Jimmy Choo and Prada. Read more from The Guardian: http://www.guardian.co.uk/uk/2011/oct/23/fury-burlington-arcade-renovation-eviction
24/10/2011 17:03 by Buildington
New planning application:
Proposal for redecoration including re-painting of columns, wall elements and soffit's to Arcade, removal of 1990's floor finish and replacement, rationalising existing visibly obtrusive plant.
Planning Application received by Westminster City Council 14.09.2011. Ref. No.: 11/08792/LB. For more information go to online planning applications database http://idoxpa.westminster.gov.uk/online-applications.
01/10/2011 23:31 by Buildington
Planning Application: Installation of sculpture on parapet of north entrance and within the arcade.
Planning Application received by Westminster City Council 14.09.2011. Ref. No.: 11/08787/LB. For more information go to online planning applications database http://idoxpa.westminster.gov.uk/online-applications.
01/10/2011 23:24 by Buildington
Planning proposal to transform the historic entrance hall and general circulation areas of Burlington House, which are currently cramped and congested, to create a more generous first impression for visitors to the Royal Academy, by relocating the lavatories
into the basement and reconfiguring the reception and ticket desks. This project will provide the start of the new 'Central Link' with direct access to 6BG.
Planning Application received by Westminster City Council 16.08.2011. Ref. No. : 11/07590/FULL
If you want to make comments that will be taken into account in determining an application they must be submitted either via the online planning applications database http://idoxpa.westminster.gov.uk/online-applications/ or in writing.
02/09/2011 19:50 by Buildington