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Shaftesbury acquires major property in London's Berwick Street

Shaftesbury, the real estate investment trust, has entered a contract with PMB Holdings to acquire a long leasehold interest in a property in London’s Soho for £38.5 million.

SHOPPING CENTRES & RETAIL PARKS

Shaftesbury acquires major property in London's Berwick Street

Shaftesbury, the real estate investment trust, has entered a contract with PMB Holdings to acquire a long leasehold interest in a property in London’s Soho for £38.5 million.

Situated at 90-94 Berwick Street, the property is currently being redeveloped to provide 12,500 square feet of retail space, a 5,500 square foot supermarket, a 2,000 square foot restaurant and a 110 bedroom hotel. Both the hotel and supermarket have been pre-let.

The redevelopment is expected to complete in late 2018.

Brian Bickell, chief executive of Shaftesbury, said: “We are pleased to have secured this strategic acquisition, which materially increases our ownership of Berwick Street frontages to 50%. Once completed, it will enable us to accelerate our long-term strategy on this important north-south route in the heart of Soho."

Shaftesbury owns a 14½ acre portfolio in London’s West End with holdings concentrated in Carnaby, Covent Garden, Chinatown, Soho and Charlotte Street.

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