Tribeca Holdings Ltd., a luxury-property investor, agreed to buy 130 million pounds ($211 million) of central London real estate in a venture with an undisclosed company, according to two people with knowledge of the deal.
The site in the city’s Mayfair district has nine stores, as well as offices and apartments with 53,000 square feet (4,925 square meters) of space opposite Selfridges department store on Oxford Street, said the people, who asked not to be identified because the information is private. The sale will be the second-largest mixed-use property deal in London’s West End district this year, according to data compiled by broker H2SO Property Consultants.
The buildings at 431-451 Oxford Street will be bought from Structadene Ltd., the London-based developer founded by entrepreneur David Pearl, according to the people. Tribeca, managed by Irish investor Aidan Brooks, invests in prime real estate and advises high-net-worth family offices in New York and London. Structadene and Tribeca declined to comment.
The property is about 175 yards (160 meters) from the Bond Street high-speed Crossrail station that’s due to open in 2018 and will connect the neighborhood to Heathrow Airport and the Canary Wharf financial district. Developers including Great Portland Estates Plc (GPOR) and Henderson Global Investors Ltd. have been buying sites near the stations, betting they will be more attractive to tenants when Crossrail trains start running.
The property being bought by the venture is about half the length of Selfridges, Britain’s second-biggest department store after Harrods.
To contact the reporter on this story Neil Callanan in London at email@example.com.