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Hines, the international real estate firm, has acquired a flagship mixed-use retail and office scheme in the heart of London’s West End on behalf of the Hines European Value Fund 2 (HEVF 2).
The 37,414-square-foot building arranged over lower ground, ground and five upper floors is uniquely positioned with dual frontage on to both New Bond Street and Oxford Street (80 New Bond Street & 325 Oxford Street), making it one of the most desirable micro-locations and sought-after properties in central London.
Acquired from Aviva Investors for an undisclosed sum, the building is currently multi-let to four tenants with vacancy available as of August 2020. Hines will embark on a comprehensive reconfiguration and refurbishment to enhance and reposition the asset as flexible, best-in-class, prime retail space on the lower floors, with prime grade A office space above.
This is the second landmark acquisition Hines has secured on the internationally famous street with the highest footfall in Europe. The property is located just 130 metres east of 354-358 Oxford Street, above the Bond Street Underground station, which the firm acquired in late 2018 on behalf of the Hines European Value Fund 1, and has rebranded as Oxbourne House. Hines is transforming that asset into a premier flagship retail store with high quality residential accommodation comprising 11 units across the upper floors.
This latest acquisition is the third for HEVF 2, bringing the amount of equity allocated by the fund to €300 million. Hines recently announced the first closing of the fund, securing €637m of equity commitments in just three months after its launch, exceeding 50% of the final €1.25 billion fund raising target. When factoring leverage, HEVF 2 is expected to have total purchasing power approaching €3 billion, making it Hines’s largest closed-ended fund in Europe to date.
Source : Hines