Grosvenor Fund Management (GFM) has acquired the freehold of 42-60 Kensington High Street, which comprises four prime retail units, from Lum Chang, on behalf of its Urban Retail V fund. The acquisition is the first for the Urban Retail V fund, which was launched in October 2014.
Situated in one of the main retail destinations in the Royal Borough of Kensington and Chelsea, the assets benefit from good transport links and double height glazed frontages that provide excellent natural light and shop floor visibility onto Kensington High Street. The four retail units are currently let to Uniqlo, Zara, Topshop and Miss Sixty.
Commenting on the acquisition, Giles Wintle, Grosvenor Fund Management’s Regional Director for Europe said:
“I am delighted that we are able to conclude the first acquisition for Urban Retail V. Our strategy is to create and manage places in cities in which people want to live, work, visit and relax. Kensington High Street fits perfectly with this and we look forward to leveraging our expertise to add value for all stakeholders and generate long term growth for our investors.”
42-60 Kensington High Street provides approximately 88,000 sq ft of retail, office and residential accommodation. The retail element totals just under 51,000 sq ft. The residential and office accommodation elements have been sold separately on long leases.
Urban Retail V is Grosvenor Fund Management’s fifth high street retail investment vehicle and focuses on core cities in UK, France, Belgium, Sweden, Finland, Denmark, Italy and Spain. The vehicle is be capitalised by The Grosvenor Group and one of GFM’s existing Canadian investors to produce an initial total investment capacity of around €400m.
GFM currently has £3.2bn of assets under management in Europe, including a portfolio of 31 historical buildings in the heart of Lyon, France and Liverpool ONE in the UK. GFM’s focus is on adding value for investors through active asset management, with funds outperforming their INREV Index peer benchmarks.
JLL acted on behalf of Grosvenor Fund Management.
For more information contact:
Sorrel Basher, Press Office
020 7312 6101
Notes to Editors
GFM offers a range of sector and region-specific property investment vehicles, with a focus on European urban retail and London offices, which aim to deliver attractive, risk-adjusted returns and a high level of client service. Operating from 12 offices in the USA, Europe and Asia, we employ 102 professionals with local knowledge and skills to execute our strategic investment decisions and create value for our investors. As at 31 December 2013, assets under management were £3.2bn with 66 investor partners in 26 property funds, club deals and separate account mandates. For further details, please see our Annual Review available at www.grosvenor.com