Monaco’s Redd enters London market

Monaco-based luxury property company Redd has dipped its toe into the central London market, acquiring £100m of residential property. The company has partnered with architect Russell Smithers to expand into London and has set up its headquarters in the Crown Estate’s One Heddon Street, W1. Redd’s acquisitions were made off-market and include the £15m Mayfair mansion Balfour Place. The 9,364 sqft building, formerly the London headquarters of shipping line London & Overseas Freighters & Tankers, will be made into a mixed-use development. Acquisitions also include 10 properties in Mayfair’s Berkley Square, planning permission for a triplex residence in Mayfair, and a Victorian building off Mount Street to be made into a residential scheme. The company said it is in the process of seeking further prime central London projects. Beauchamp Estates, Knight Frank, Savills and Wetherell helped advise on deals. Jacopo Marzocco, founding director of Redd, said: “Initially operating in Monaco, we have now established operations in prime central London and plan to grow our London client base and expand the number of properties under development and management. “Working with clients from around the world, Redd also provides the perfect conduit for London investors seeking to invest in Monaco and visa versa, and as part of our ambition to become an international brand we are constantly reviewing other real estate opportunities in wealth destinations across the world.” Redd became operational in Monaco in 2016 and has been  involved in luxury residential projects in the region and was behind the 170m Odeon Tower skyscraper, the second highest tower on Europe’s Mediterranean coast. To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette