Crosstree buys second West End asset

Ernesto Bertarelli-backed Crosstree Real Estate Partners has made its second West End purchase – 20 Golden Square.

The investment company, which was set up last August with £500m backing from Swiss-Italian billionaire and entrepreneur Bertarelli, has paid about £20m for the 22,903 sq ft asset.

The purchase was understood to have been made as a redevelopment opportunity for when leases expire in December 2013. The property is likely to retain offices, but plans are also being drawn up for potential flats, a restaurant and an art gallery.

The deal follows Crosstree’s purchase of 1-3 Berkeley Street for about £150m from Aviva Investors in December.

Crosstree was founded by Nick Lyle, former head of Blackstone UK’s business, and Sean Arnold, who led Starwood’s European operations.

H2SO advised the vendor, Scottish Widows Investment Partnership. Crosstree represented itself.