BLP advises Property Fund Manager Stenham on the acquisition of a prestigious property portfolio in London’s Mayfair
Berwin Leighton Paisner (BLP) has advised Stenham, the property fund manager, on their acquisition of four prestigious properties in London’s Mayfair. The portfolio comprises 73, 74 and 75 Grosvenor Street – three buildings interlinked with a total space of 32,700 sq ft – and 8 Bourdon Street, with a total space of 10,512 sq ft.
All four properties are currently occupied with the three properties in Grosvenor Street occupied by Estee Lauder Cosmetics and the Bourdon Street property currently occupied by Sotheby’s.
This is the second major transaction for Stenham on which BLP has advised, with the first being the acquisition of 52 Grosvenor Gardens in Victoria, London, an acquisition which took place in May 2009.
This second acquisition marks an important step for Stenham as they renew their interest in the UK property market. With the four properties totalling a purchase price of £31.3 million, this transaction provides them with a prime real estate portfolio of quality premises at a very attractive price.
The BLP team was led by real estate senior associate Katy Fixter, supported by real estate partner Simon Kenley and Naveen Vijh (partner) and Eleanor Penton (associate) in BLP’s real estate finance team.
Commenting on the deal, Simon Kenley said: “This transaction represents an exciting opportunity for Stenham. The properties that they have purchased are in a great location, and represent prime assets in the heart of London’s prestigious and sought-after Mayfair. Stenham are a relatively new real estate client for BLP and we are thrilled to have advised them on their second large acquisition in recent months. We look forward to working with them again in the future and helping them to achieve their objectives. Their recent acquisitions leave Stenham well placed to take advantage of the UK property market when the economy picks up and we have immensely enjoyed working with them , to help secure these assets on behalf of their investors.”
Boodle Hatfield provided advice to the vendors.
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