An affiliate of Crosstree Real Estate Partners LLP (Crosstree) has acquired the property known as One Berkeley Street, a 186,000ft² mixed-use complex in Mayfair, London, across from the Ritz Hotel. The property – consisting of prime retail, office and hotel space and comprising a 0.76 acre freehold site – is Crosstree’s first investment since it launched four months ago.
One Berkeley, which has been owned by Aviva since the 1960s, is currently 100% let to various tenants until 2019. Crosstree intends to study enhancement opportunities for the property that could include substantial refurbishment or complete redevelopment in the future.
Sean Arnold, Co-Founding Partner of Crosstree, commented: “We are delighted to have completed our first acquisition with this exceptional Mayfair freehold property. We have demonstrated our credentials as a focussed and well resourced business and were able to help Aviva achieve its objectives by closing the transaction expeditiously and on an all-cash basis.”
Nick Lyle, Co-Founding Partner, added: “Crosstree is targeting assets like One Berkeley that are underpinned by quality real estate and strong fundamentals but that can benefit from repositioning through active management. Our longer-term orientation and versatile capital base allowed Crosstree to be successful on this transaction.”
Aviva was advised by Jones Lang LaSalle and Crosstree was advised by CB Richard Ellis.