Savills Investment Management has bought 125 Shaftesbury Avenue, W1, for £267m from Almacantar.
Savills Investment Management concluded the transaction on behalf of a club of Korean institutional investors managed by Vestas Investment Management.
The building, in Soho, consists of 190,000 sq ft of office, retail and ancillary space over 11 floors, including ground and basement.
The 140,000 sq ft of office space in the property, which is undergoing a comprehensive refurbishment, is let to WeWork for a term of 20 years. The 37,000 sq ft of retail space is let to five tenants, including Made.com and Nisbets.
Alistair Ennever, transaction manager at Savills Investment Management, said: “The building is a substantial freehold in the West End of London, which is well let and will undoubtedly benefit from the opening of the Elizabeth Line at Tottenham Court Road in 2019. We look forward to managing this building as the location develops and continuing our partnership with Vestas and its investors in future transactions.”
Savills IM and Vestas Investment Management are also preparing to launch a discretionary fund for Korean institutional investors to acquire European logistics and office properties in the first quarter of 2019.
Ashurst advised Savills IM and Vestas; Cushman & Wakefield, CBRE and Mishcon de Reya acted for Almacantar.
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