LONDON—Thor Equities and AEW said Friday they had completed the acquisition of a mixed-use property at 100 New Oxford St. here for £180 million (US$237 million). The acquisition from Tishman Speyer was funded through a mix of equity and a new £90 million debt facility with Bayerische Landesbank. AEW acquired its stake in the West End property on behalf of a joint venture between two German institutional investors.
“This area of London has a strong and growing momentum behind it and the transaction reflects our ability to identify and secure high profile, core assets in competitive markets,” says Rob Wilkinson, European CEO at AEW. When the deal was announced this past August, Wilkinson called 100 New Oxford “an exceptional property in an area that is benefitting from major investment and improvement, including the most significant infrastructure project in Central London for over a century.”
The continent's largest infrastructure project, Crossrail is expected to bring an extra 1.5 million people to within a 45-minute commute of Central London; the Tottenham Court Road station affiliated with that project is undergoing a major refurbishment and is situated just 100 meters away from 100 New Oxford. When the renovated station comes on line, “demand for space in the area will only continue to grow,” Joseph Sitt, CEO of Thor Equities, said in August.
The seven-story 100 New Oxford has itself undergone extensive renovations, housing 18,507 square feet of prime retail on the ground floor and 87,897 square feet of class A office on the upper floors. It's 100% occupied by 16 office and retail tenants. Among the retailers housed there are Shake Shack, Jessops, Costa Coffee and All Bar One, while Shisheido, WME Entertainment and Stanhope PLC are on the roster of office tenants.
“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,” Wilkinson said this past August. Among the retail and residential developments underway in the immediate area is the Centre Point tower, across the road from 100 New Oxford, which will include 82 high-end apartments along with retail and restaurants.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
