07 August 2017
London
Reporter: Theo Andrew

Joint venture bags 100 New Oxford St for £180 million


Thor Equities and AEW have joined forces to acquire 100 New Oxford Street in London’s West End for £180 million.

The 106,404-square foot multi-use asset consists of six storeys, with the upper five comprising 87,897 square feet of office space. Tenants include WME Entertainment and Stanhope.

The remaining 18,507-square foot ground floor space spans across six prime retail units and two restaurants, with tenants including Shake Shack and Jessops.

Located 100 metres from Tottenham Court Road, the area is currently under construction as part of London’s Crossrail development, expected to bring 1.5 million people within 45 minutes of central London when it opens in 2018.

In addition, the asset sits adjacent to Centre Point tower, a residential development that will include 82 high-end apartments as well as retail and restaurant units.

AEW’s stake has has been purchased in a club deal of two German investors, while it is the eighth addition to Thor's London portfolio, primarily consisting of prime retail assets.

Rob Wilkinson, European CEO at AEW, said: "The property represents a compelling opportunity and a great introduction to the London market for our German clients who we are very pleased to bring to the UK capital.”

He added: “The asset is further augmented by the numerous residential and commercial development projects in the vicinity of the asset which are enhancing the area’s potential, boosting business and improving public spaces.”

Joseph Sitt, CEO of Thor Equities, said: “Thor remains strongly committed to London as a key global market, and we have proven to be able to continue to extract value from assets in the City and other key markets throughout Europe.”

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