The Grosvenor Europe has completed the sale of a sought-after retail asset on High Street Kensington, London, on behalf of the Urban Retail V Fund (URV)
The High Street Kensington asset is located in one of the major retail destinations of West London. Benefiting from high glazed frontages and good transport links, the asset provides approximately 88,000 sq ft of retail, office and residential space.
Grosvenor acquired the asset on behalf of the Fund in 2015, carrying out a series of improvement and reconfiguration works to create three new retail units and a gym. Retail tenants now include: Zara, Uniqlo, Joe & The Juice, The Realbuzz, Simit Sarayi and SpinAddikts gym.
Alison Clegg, Director, Asset Management, Grosvenor Europe, comments: “This sale underpins our value add improvement strategy. We identified an asset in a good location and by refreshing the tenant mix and implementing a large refurbishment project, the asset is a much stronger proposition than when we acquired it. We are very proud of what we have produced; a building which provides enhanced benefit to residents, occupiers and visitors.”
Grosvenor was advised by Knight Frank and Clifford Chance. The buyer, a Hong Kong Family Office, was advised by Mayer Brown.
For more information contact:
Rebecca Dwyer, Press Office
020 7312 6101
Notes to Editors
Grosvenor Europe invests in, develops, operates and manages real estate assets and funds, with a focus on vibrant European cities including Paris, Stockholm, Madrid and Liverpool.
Part of the Grosvenor Group, one of the world’s largest privately-owned property companies and active in more than 60 cities around the world, we utilise our local expertise to adopt a far-sighted, value-add approach in order to deliver lasting commercial and social benefit in the places where we are active.
As at 31 December 2017 we managed £2.4bn/€2.7bn of assets, including Liverpool ONE in the UK (which celebrates its 10th anniversary in 2018) and Skärholmen Centrum shopping centre in Stockholm, Sweden. We also have a number of active residential development projects in Madrid, Spain.
Follow us on:
LinkedIn: Grosvenor Group