Almacantar buys Marble Arch office tower in £80 million deal.
Property investment and development company exchanges contracts on 82m tall Marble Arch Tower.
Property investment and development company Almacantar has confirmed that it has exchanged contracts for the iconic Marble Arch Tower in London in an £80 million deal.
The firm purchased the 82m tall building, which is classed as one of the most prominent in London’s West End and overlooks Hyde Park, from clients of Orchard Street Investment Management earlier this week. The purchase follows Alcamantar’s acquisition of the Centre Point office building at the eastern end of Oxford Street at the beginning of April.
“We are delighted to have acquired Marble Arch Tower, one of the landmark buildings in London’s West End. This deal is our third project in London this year and demonstrates our long term confidence in the future of the West End market,” commented managing director of Almacantar Mike Hussey.
Marble Arch Tower is located at the corner of Oxford Street and Park Lane and comprises of 166,000 sq ft of mixed-use space. The deal includes a 21 storey office tower, an Odeon cinema and shops which front Marble Arch and Edgware Road.
“Marble Arch Tower has been a good investment for the fund producing great returns since we acquired it seven years ago. The decision to sell was taken as part of a review of the portfolio that will allow Orchard Street to focus on projects elsewhere including 11 The Strand, 83-85 Pall Mall and 125 Wood Street,” said Orchard Street Investment Management’s Gary Felce.
The purchase marks the latest acquisition in what has been a busy start to the year for Almacantar. In addition to purchasing the Centre Point building at the beginning of April, the firm also entered into discussions with Marylebone Cricket Club in February in regard to the redevelopment of Lord’s Cricket Ground.