Pan-European retail property investment manager Meyer Bergman has invested £80 million (€113 million; $124 million) in a mixed-use property on Mount Street in Mayfair, London from London-based property investors Kajima Properties Europe and Hulic UK.
The building comprises of retail and office space and currently designer women’s wear and accessories label Céline as its principle tenant. Céline, which is owned by France’s luxury giant LVMH, occupies the ground floor unit of 103 Mount Street, the 31,000 square foot building. The upper floors of the long leasehold property are comprised of Grade A office space.
Meyer Bergman acquired the property using capital from Meyer Bergman European Retail Properties II (MBERP II) a €750 million vehicle which held its final close in July last year. The firm has fully invested the fund in retail locations in the centres of major European prime retail buildings.
“We have already begun work on the successor fund, which will enable us to take advantage of the number of opportunities we continue to see in the European market,” commented Markus Meijer, Meyer Bergman’s chief executive.
The MBERP II portfolio includes retail buildings on Bond Street, Piccadilly and Queensway in London, on the Champs-Elysees in Paris, Kobmagergade in Copenhagen, two Karstadt department stores in Berlin and the forward purchase of the Westfield Broadway shopping centre development in Bradford, northern England, which is scheduled to open in November.
Meyer Bergman was advised by Michael Elliott, Allsop, Concorde Capital, and Jones Day. The vendor was advised by DTZ.