Burlington Arcade Sells for £104m

The foreign hunger for London property appears to be boundless and, also, varied. The real estate investor Meyer Bergman and Thor Equities of the US have teamed up to pay £104 million for the 3,437 sq.metres Burlington Arcade. The joint venture brings Thor for the first time into the UK. The deal gives Thor the option of increasing its initial shareholding of 20% in Burlington Arcade, which claims to be the oldest shopping arcade in the world, to 50%. It is certainly the most expensive retail location in Europe but the joint venture believes it can strengthen it further. Markus Meijer of Meyer Bergmann said: “The acquisition of Burlington Arcade represents a unique opportunity to acquire one of London’s most iconic retail assets.”

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