Opened in Mayfair in 1819, the arcade constitutes approximately 37,000 square feet of retail space and a combined frontage of more than 1,100 feet.
New York property group Thor Equities and European private equity firm Meyer Bergman bought the site in 2010 for £104 million and have today sold it for close to a 200% increase after having upgraded the luxury retail unit which now features stone floors sourced from English quarries, as well as restored details including the building’s upper arches.
Simon and David Reuben are leaders in private equity, real estate investment and development, and venture capital. Their real estate holdings are significant in scale and broadly diversified, encompassing office, retail, hotel, residential and infrastructure properties across the world including in London, Israel, Monaco, Ibiza and France.
Reed Smith advised on all aspects of the acquisition. Bryan Cave Leighton Paisner LLP advised the sellers.
Partner Jimmy Theodorou commented on the acquisition:
“It has been exciting to have advised the Reuben Brothers on the acquisition of this London landmark that boasts in the region of four million visitors a year. It is a beautiful space with some of the world’s most high end retailers already at home there. We have no doubt that the brothers and their firm will continue to make a success of the attraction.”
The Reed Smith team included: Jimmy Theodorou, Nav Sahota, Daniel Kyriakides, Josh Hogan, Samantha Roberts, Carl De Cicco, Lynsey Ellard, Graham Reid, Indeg Kerr, Julia Berry, Will Sutton, Maria Abesamis, Bradley Bolerjack, Siobhan Hayes, Caspar Fox, Jamie Garside, James Tobias, Claire Vermeulen, Nicole Abbott, Arran Kandola, Emma Jones, Eleanor Nugent, Francisca Sepulveda, Charlotte MacArthur, Thomas JS Baxter, Mark Pring, Charlotte Hart, Rebecca Kellner, Robert Allan, Daniel Ellison, Arman R. Ghafarokhi, Jessica V. Parry, Thomas J. Morgan, Victoria Bryden.
ENDS
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