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JLL advise Grosvenor Fund Management on first acquisition for retail fund

Prime Kensington High Street - first acquisition for the Urban Retail V fund

​JLL's Central London Retail Investment team has advised Grosvenor Fund Management on the acquisition of the freehold interest in Old Court House, 42-60 Kensington High Street, for their newly launched Urban Retail V fund.  

The acquisition from developer Lum Chang Holdings is the first for the Urban Retail V fund, which was launched in October 2014. Situated on one of the main retail destinations in the Royal Borough of Kensington and Chelsea, the assets benefit from good transport links and double height glazed frontages. The four retail units are currently let to Uniqlo, Zara, Topshop and Miss Sixty.

42-60 Kensington High Street provides approximately 88,000 sq ft of retail, office and residential accommodation. The retail element totals just under 51,000 sq ft. The residential and office accommodation elements have been sold separately on long leases.

The Urban Retail V fund is Grosvenor Fund Management's fifth high street retail investment vehicle and focuses on core cities in UK, France, Belgium, Sweden, Finland, Denmark, Italy and Spain. The vehicle is be capitalised by The Grosvenor Group and one of GFM's existing Canadian investors to produce an initial total investment capacity of around €400m.

JLL Retail worked closely with JLL's Building Consultancy team who provided Grosvenor Fund Management with full Building Survey due diligence in the acquisition.  

James Bramble, Associate Director in JLL's Retail Investment team, commented: "This acquisition fits perfectly with the focus of the fund, the retail units are arguably the best on Kensington High Street. We were delighted to act for Grosvenor Fund Management in the first acquisition for this new vehicle and to be able to deliver this opportunity in an off market capacity."