Specialist bank Investec has provided senior debt financing in the £26 million (€33.4 million; $42.1 million) acquisition of a commercial property in Soho, London.
Development group Amazon Property in a joint venture (JV) with private equity firm Quadrum Group bought the 20,489 square-foot building on 52 Poland Street from British Land. The JV exchanged contracts for the purchase of the freehold interest in the property in August, according to a statement from the two firms. Financial details were undisclosed and Quadrum declined to comment beyond the statement. Investec was not available at time of going to press.
The Poland Street asset is a multi-let property spread over basement, ground and seven upper floors, located in the heart of Soho and 300 metres from the new Crossrail Station at Tottenham Court Road. The retail space on the ground and lower floor is occupied by Yo! Sushi and Lucky Voice karaoke bar.
Oleg Pavlov, chief executive of Quadrum, said: “We are pleased to be acquiring this property together with our partners at Amazon Property who have established an impressive track record of delivering state-of-the-art projects in the area. We all look forward to contributing to the extensive regeneration that is taking place in and around Soho.”
The purchase is Quadrum’s second in London this year. It bought the Queen Anne’s Gate Buildings, a 66,900 square foot office block in Westminster for £43 million in April. The firm, which focuses on real estate, is currently targeting value-add opportunities in the US and the UK and has around $2 billion worth of real estate assets across both countries and several emerging markets.
Amazon Property has 15 development projects in Central London with approximate gross development value of £800 million. Amazon Property co-partner, Chris Lanitis, said: “This acquisition is an exciting addition to Amazon Property’s expanding portfolio as it presents the perfect opportunity to deliver more of our signature, luxury properties to the market. The deal also highlights our ambition to secure the most prime-located London sites. Amazon Property has firmly established itself as an office-to-resi specialist, with a number of successful schemes across Zones 1 & 2 and we look forward to starting work at 52 Poland Street next year.”