German investor Caleus makes first UK acquisition with value-add project on Dering Street, London, W1
Berlin-based investment firm Caleus has made its first acquisition in the UK with the purchase of 19-24 Dering Street, a prime mixed-use freehold building in Mayfair, London W1 from Legal & General for around £60 million
Boasting a prominent position in between Bond Steet and Hanover Square, opposite the Elizabeth Line entrance, the multi-let property totals 34,431 sq ft (3,199 sq m) of office, gallery and leisure accommodation over seven floors. The building has a current passing rent of £2.1 million per annum - reflecting just £61.25 per sq ft – and presents an attractive opportunity for a full redevelopment following the block date in July 2024.
Anthony Golosetti, Managing Partner at Caleus, says: “At Caleus our DNA is in strategic investments in well-connected office locations where we can create high quality sustainable assets for communities. London is the main focus of our outbound investment strategy and we intend to accelerate our pace of acquisition in the city. Dering Street is a great canvas to deliver a best in class, ESG-centric asset where the quality of design matches the strength of the location.”
Savills represented Caleus and JLL advised the Legal & General.
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