Ardent completes Royal Exchange acquisition

The Ardent Companies’ UK arm has completed its deal to buy the retail element of the Royal Exchange, EC3, from Oxford Properties. The Royal Exchange, located opposite the Bank of England between Threadneedle Street and Cornhill, is thought to have transacted at around £50m. Providing 51,400 sq ft of retail space around an historic covered courtyard, occupiers include Tiffany & Co, Hermès, Bremont and Fortnum & Mason. The location is the latest addition to Ardent UK’s retail portfolio, following the purchase of Touchwood in Solihull last year in what was the first major shopping centre deal since the onset of the pandemic. Since its launch in the UK last year, Ardent UK has also established a national industrial portfolio of more than 2.25m sq ft. Ardent UK said the acquisition of the Royal Exchange was in line with its wider investment strategy, which focuses on high-quality properties presenting the opportunity for value growth through asset management. It added that the location offered “considerable asset management potential as the City adapts to new working and shopping patterns”. Richard Benson, managing director at Ardent UK, said: “As an opportunistic and acquisitive firm, the possibilities presented by the Royal Exchange are very attractive, with our strategy focused on driving performance through an improved offer that better meets the changing needs of those that visit the City for both work and pleasure. “The Royal Exchange has long been the Square Mile’s destination of choice for those seeking the best in luxury goods and dining, and we look forward to being part of the latest chapter in the storied history of this great asset.” The Royal Exchange has had many different uses since it was established as London’s first purpose-built trading centre in 1566. These include a period as the home of the Lloyd’s insurance market, with the current building, the third on the site, opened by Queen Victoria in 1844. Oxford Properties owned the retail element of the Royal Exchange from 2014; office space on upper floors of the asset are held by a separate party. Bruce Gillingham Pollard advised Ardent UK; CBRE acted for Oxford Properties. View details of retail lettings in the Royal Exchange >> To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews Photos from Ardent UK/Innesco