iii-investments has acquired a premium office and retail property in London for EUR 50 mln. The five-storey office and retail building situated in London鈥檚 Westend Mayfair district is being contributed to Luxemburg special fund iii European Property SICAV-FIS.
iii-investments has acquired a premium office and retail property in London for EUR 50 mln. The five-storey office and retail building situated in London鈥檚 Westend Mayfair district is being contributed to Luxemburg special fund iii European Property SICAV-FIS.
The recently refurbished building is fully let. More than 60% of the rental return is generated from the upscale retail segment.
'After the dramatic price downturn on London鈥檚 real estate market since the end of 2007 we consider this to be an ideal time for investment in core real estate in top locations,' said CEO Reinhard Mattern.
The iii European Property SICAV-FIS is a Luxemburg special fund launched in 2008,which was developed for German institutional investors. The fund invests in Western European Core and Core+ properties (excluding Germany). The current investment volume amounts to EUR 250 mln.
iii-investments said the next acquisition is currently planned for Belgium.
