Co-owners Thor Equities and Meyer Bergman have exchanged contracts on the sale of London’s iconic Burlington Arcade in London to an unnamed private investor for £300 mln (€340 mln).
Meyer Bergman and Thor Equities instructed CBRE to market the asset on a global basis nearly 18 months ago, with industry sources at the time suggesting a €450 mln price tag.
Nevertheless, the two landlords are expected to achieve a substantial profit with the sale, having acquired the iconic luxury retail destination in 2010 for £104 mln. They have since performed several upgrades to the property including a redesign by British architect Jamie Fobert.
'After repositioning and restoring the Burlington Arcade to its former glory, we felt the time was right to sell this historic landmark,' said Joseph Sitt, CEO of Thor Equities. 'With its magnificent redesign and new luxury tenants, the property will remain a treasured London destination for generations to come.'
Heralded as a true luxury landmark ever since it was unveiled in 1819, the Burlington Arcade is the longest covered shopping street in the UK, uniting Piccadilly and Bond Streets in the heart of Mayfair. With 37,000 sq ft (3,440 m2) of retail space and a combined frontage of over 1,100 feet, the Arcade today attracts over 4 million visitors a year.