Pan-European real estate investment manager Redevco has acquired the predominantly food and beverage (F&B) commercial units of the new mixed-use One Tower Bridge development for £70 mln (€78 mln) from the Berkeley Group.
The off-market deal comprises 7,720 m2 of retail, restaurant and cultural space, with 11 F&B and two retail units. It also includes the Bridge Theatre, the largest commercial theatre built in London in 80 years.
'Redevco is constantly on the lookout for opportunities aligned with changing consumer spending patterns and a growing focus on leisure such as mixed-use and F&B-led investments,' said Andrew Vaughan, CEO Redevco.
'London ranks as a leading global destination in this respect and this location, adjacent to Tower Bridge, encapsulates the key elements we are looking for in our experience-led investments.'
The property is topped by residential apartments, not included in the transaction, and faces London's Tower Bridge.
Redevco was advised by agents Bruce Gillingham Pollard in the off-market transaction and by the law firm Osborne Clarke.
The Berkeley Group was advised by JLL.