Crosstree Real Estate Partners has acquired serviced office provider Argyll from Alpine Grove and The Baupost Group in a deal understood to be worth around £330m.
The deal gives the investor control of a portfolio of 25 prime London assets, including listed buildings such as the Grade II listed 33 St. James’s Square, SW1, which is held on a freehold basis, along with nine other assets within the portfolio.
Argyll is a provider of high-end serviced offices, with over a quarter of a century of market experience. Its services now include private offices, co-working spaces, virtual offices and meeting spaces across its portfolio, which is largely located in the West End and City core.
Announcing the deal, a spokesperson for Crosstree said the business has been “successfully stabilised over the last five years under the leadership of CEO, John Drover”.
Hinting at the company’s outlook for the portfolio, they said that it “is well positioned for future growth through planned refurbishments within the existing portfolio as well as new site acquisitions”.
Crosstree was advised by JLL, while Alpine and Baupost were advised by Eastdil Secured and Evercore.
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