TRINOVA & STARS REI CLOSE OFF-MARKET MAYFAIR ACQUISITION FROM MEYER BERGMAN
Trinova Real Estate have completed the off-market acquisition of 103 Mount Street, London W1, from Meyer Bergman on behalf of Stars REI for a price reflecting a net initial yield in the region of 4%.
Situated in the heart of London’s exclusive Mayfair district, 103 Mount Street sits opposite the five-star Connaught Hotel and is just 300 metres from Berkeley Square. The property comprises c32,000 sq ft of office and retail accommodation and is multi-let to four office tenants, with the retail space entirely occupied by Celine, the fashion house owned by LVMH.
Meyer Bergman acquired the property in 2015 on behalf of its second value-add closed-ended fund Meyer Bergman Retail Partners II (MBERP II).
103 Mount Street now counts a mix of investment firms and asset managers as office tenants, with the ground-floor retail space entirely occupied by Celine, the fashion house owned by LVMH.
Mount Street has emerged as a leading location for fashion designer labels seeking an alternative to nearby Bond Street after Marc Jacobs opened a store there in 2006. Other high-end brands that have since made the street their home include Christian Louboutin, Oscar de la Renta, Lanvin and Balenciaga.
Edmund Costello, Partner at Trinova Real Estate commented: “In these turbulent times we are focused on acquiring assets with good bones, great floor plates and natural light, and with unquestioned location fundamentals. 103 Mount Street meets these requirements and more and has been well managed by Meyer Bergman. We look forward to working hard to enhance the asset on behalf of our partner Stars REI”
Oscar Boettiger, CEO at STARS REI added: “We believe 103 Mount Street is a great addition to our real estate portfolio. At STARS REI, regardless of market cycles, we are keen to invest in assets that offer immediate optionality and benefit from strong locations and building quality, all of which are sustainable long-term fundamentals”
Josip Kardun, Chief Investment Officer at Meyer Bergman, said: “Using our deep asset management expertise, we refurbished 103 Mount Street to make the building more appealing to modern occupiers while also driving occupancy through successful leasing activity. There is still strong demand from investors and occupiers for high quality office and retail space in central, high footfall locations and we see good opportunities to reposition existing assets across core European cities as the urban landscapes continue to evolve.”
Michael Elliott acted for Trinova and STARS REI.
About
Trinova Real Estate is a vertically integrated full-service property investment, fund, asset and development management business which acts on behalf its separate account and discretionary fund clients. Trinova is focused on the UK, Continental European and US real estate markets with offices in London, Paris and Brussels. For more information: www.trinovarealestate.com
STARS REI is the real estate arm of STARS Investments and focuses on real estate investment activities in the US and UK. STARS REI has completed over 35 acquisitions since its establishment in 2009 and manages a portfolio of assets in excess of £1bn including properties in London, Boston, San Francisco, Denver, Seattle, Washington DC and New York. For more information: www.starsrei.com
Meyer Bergman is a privately held real estate investment management firm specialising in urban mixed-use and last mile logistics investments. It has advised three closed-ended, value-add real estate funds and a number of co-investments to date, with a total of €8 billion of assets on behalf of global institutional investors. Meyer Bergman targets under-managed or under-utilised properties across major markets in Europe and the United States, typically in off-market transactions sourced through its extensive network. It manages these actively to deliver attractive returns to its investors, which include leading pension funds, sovereign wealth funds, endowments, foundations and asset managers globally. For additional information, please visit: meyerbergman.com
https://www.costar.com/article/1005922104/trinova-buys-meyer-bergman-gem-in-west-ends-largest-lockdown-transaction
https://www.egi.co.uk/news/trinova-and-stars-rei-acquire-prime-piece-of-mayfair/