An affiliate of Crosstree Real Estate Partners LLP (Crosstree) has acquired the property known as One Berkeley Street, a 186,000ft² mixed-use complex in Mayfair, London, across from the Ritz Hotel. The property – consisting of prime retail, office and hotel space and comprising a 0.76 acre freehold site – is Crosstree’s first investment since it launched four months ago.
One Berkeley, which has been owned by Aviva since the 1960s, is currently 100% let to various tenants until 2019. Crosstree intends to study enhancement opportunities for the property that could include substantial refurbishment or complete redevelopment in the future.
Sean Arnold, Co-Founding Partner of Crosstree, commented: “We are delighted to have completed our first acquisition with this exceptional Mayfair freehold property. We have demonstrated our credentials as a focussed and well resourced business and were able to help Aviva achieve its objectives by closing the transaction expeditiously and on an all-cash basis.”
Nick Lyle, Co-Founding Partner, added: “Crosstree is targeting assets like One Berkeley that are underpinned by quality real estate and strong fundamentals but that can benefit from repositioning through active management. Our longer-term orientation and versatile capital base allowed Crosstree to be successful on this transaction.”
Aviva was advised by Jones Lang LaSalle and Crosstree was advised by CB Richard Ellis.
21 December 2011 | | Press release