Grosvenor acquires Kensington High Street retail block
Grosvenor Fund Management has acquired the freehold of the retail site at 42-60 Kensington High Street 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. The four retail units are currently let to Uniqlo, Zara, Topshop and Miss Sixty.
Giles Wintle, Grosvenor Fund Management’s regional director for Europe, said: “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.”
The site provides approximately 88,000 square feet of retail, office and residential accommodation. The retail element totals just under 51,000 square feet.
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.
