Eddie and Sol Zakay's Topland Group has acquired a mixed-use building in London's Soho for 拢25 mln (鈧�29 mln) plus two buildings in Edinburgh and Reading for 拢6.5 mln (鈧�8 mln) in the space of a week.
The London asset, at 1-3 Upper James Street, was acquired from Standard Life. The 2,500 m2 building is leased to restaurant Bob Bob Ricard on the ground floor and to Phonographic Performance on the upper floors off reversionary rents. The property, which overlooks Golden Square, was acquired in joint venture with Enstar Capital.
The other acquisitions, both leased to Citibase PLC, are located at 1-3 St Colme Street in Edinburgh and Wyvols Court on Basingstoke Road, Swallowfield. Both buildings are leased for a further eight years.
'We are delighted to have secured these three buildings at this time in the market. We believe all three have reversionary rents and represent very good capital value with good asset management angles to add value in the future. We are continuing to look for further opportunities to add to our existing portfolio,' commented Mark Kingston, managing director of Topland Group.
'We have managed to identify acquisitions in a product-starved market which represent good value for Topland and we will continue to deploy our capital where we can find good value, across all sectors,' added Sol Zakay, Chairman of Topland.
Said Simon Lyons, chief executive of Enstar Capital: 'We are delighted to enter into what is our first joint venture with Topland Group. Through our already existing ownership of the site adjacent to this at 40 Beak Street we plan on creating an internationally recognised location for all occupiers across both buildings.'
JLL represented Standard Life Investments.
