Criterion acquires historic first YMCA building

Criterion Capital has acquired the YMCA’s first building, near London’s Tottenham Court Road, after the charity decided to divest in the face of falling membership, rising costs and increased competition. The investor bought 112 Great Russell Street, WC1, for around £10m, after the YMCA sought the company’s support in addressing escalating challenges. The YMCA decided divestment was the best way to advance its charitable mission and reinvest in areas of greater need. The building was the first to be purchased by the charity, which has some 12,000 branches worldwide. A spokesperson for Criterion described it as “a cornerstone of the Fitzrovia community for almost 50 years” which “represents a unique piece of cultural heritage”. Omar Aziz, director at Criterion Capital, said: “This acquisition is a partnership founded on trust and mutual respect. From the beginning, our shared vision with Central YMCA has been to recognise the importance of this historic site, while transforming it into an economically viable and vibrant space that meets the needs of future generations, ensuring it remains relevant and meaningful to contemporary needs.”