Aerium and Urban&Civic offload Mayfair office for £90m

Euro Real Estate has bought Mayfair’s 24 Savile Row, W1, from a jv between Aerium and Urban&Civic for £90m.  According to Radius data, the seven-storey block was acquired by the Aerium-Urban&Civic jv for £26m from M&G Real Estate in 2011. The 29,766 sq ft building comprises workspace above prime retail. It has a BREEAM Excellent rating and was one of the first buildings in London to be entirely LED-lit, using more than 1,076 sq ft of photovoltaics alongside green roofs and terraces. The offices are let at an average rent of £126 per sq ft, with occupiers including Quinbrook Infrastructure Partners, BNP Paribas Real Estate, Gravis Capital Partners, KRF Services, Korean Airlines, DST Global Managers, LMR Partners and G Square Healthcare. Ralf Peter, managing director at Euro Real Estate, said: “The acquisition of 24 Savile Row is an example of our business strategy to invest in trophy assets in European metropolises. It completes our fifth acquisition in central London and demonstrates our commitment to the UK’s capital city.” BNP Paribas Real Estate advised Euro Real Estate. Image © BNP PRE