Pan-European retail property investment manager Meyer Bergman has acquired the leasehold to a two-acre site beneath Victorian railway arches in London next to Borough Market from bar and dining company Vinopolis for more than £300 million (€405 million; $461 million).
London-based Meyer Bergman plans to develop the space into 193,750 square feet of boutique stores. Mayer Bergman, who joined forces with niche central London developer Sherwood Street to make the investment, has also acquired the mixed-use building Thames House and other sites adjacent to the Vinopolis Centre for the redevelopment.
“This vibrant central London neighbourhood is undergoing rapid change and the retail offering is woefully inadequate given the needs of residents and the huge flow of tourists, commuters and office workers passing through every day,” George Walsh-Waring, a principal of Meyer Bergman, said in a statement.
The capital for the investment came out of Meyer Bergman European Retail Partners II (MBERPII), a €750 million vehicle which held its final close in July last year. The fund is being invested in retail locations in the centres of major European prime retail buildings.
Typical transaction values range between €30 million and €300 million. It has already made investments on Bond Street, Piccadilly and Queensway in London; the Champs-Elysees in Paris; two Karstadt department stores in Berlin and the forward purchase of the Westfield Broadway shopping centre development in Bradford, northern England.
Meyer Bergman was formed in 2004 from the core investment arm of MAB Group, the Dutch developer founded by Ton Meijer in the Netherlands in 1970. It is run by Markus Meijer.