Buyside: West End Investment team advise on joint venture partnership for best in class mixed use scheme
The Crown Estate and Norges Bank Investment Management (NBIM) can announce- that we have extended our Regent Street partnership through the addition of the landmark €471m Quadrant 3 redevelopment.
The deal sees NBIM take a 25 per cent stake in the €471 million Quadrant 3 scheme. This is in addition to their existing 25 per cent stake in the rest of Regent Street.
The award winning, 25,100 m2 (270,000 ft2) Quadrant 3 project is home to a range of globally renowned retailers and businesses including Telefonica Digital, UGG, Whole Foods Market and Jack Spade, as well as flagship London restaurants, Mash and Brassiere Zedel. It is structured by way of a 150 year lease and expands upon the existing Regent Street partnership with NBIM and The Crown Estate; this is the largest contiguous holding in the West End in a single ownership, generating an annual rent roll of around €100 million across 115 properties.
Paul Clark, Director of Investment said: “We are delighted to extend our relationship with NBIM, further developing our strategic partnership model which is central to the future of our business. This transaction has taken our funds under management to in excess of £800 million.”
”The asset is one of the finest buildings in the West End and the acquisition builds upon the existing strong relationship between Norges and The Crown Estate.” Julian Sandbach- West End Investment Jones Lang LaSalle.