Latest developments at Meyer Bergman
Meyer Bergman Fund Acquires Luxury Fashion Label Céline's London Store on Mayfair's Mount Street for circa £80 Million
A fund advised by specialist retail property investment manager Meyer Bergman has acquired a prime mixed-use property on Mount Street in the heart of Mayfair for circa £80 million. The building comprises the London store of designer women's wear and accessories label Céline.
Céline, which is owned by France's luxury giant LVMH, occupies the ground floor unit of 103 Mount Street, the 31,000 ft2 building that Meyer Bergman European Retail Properties II (MBERP II) has acquired from Kajima Properties (Europe) Limited and Hulic UK Limited. The upper floors of the long leasehold property is comprised of Grade A office space.
Markus Meijer, Meyer Bergman's Chief Executive Officer, said: "Mount Street is one of London's most desirable locations for luxury retail brands and Céline occupies one of the largest premises on it. This purchase means that the equity raised for our fund a year ago is now fully committed. We have already begun work on the successor fund, which will enable us to take advantage of the number of opportunities we continue to see in the European market."
Mount Street has become the location of choice for leading fashion designer labels seeking an alternative to nearby Bond Street. Marc Jacobs opened there in 2006 followed by others including Christian Louboutin, Oscar de la Renta, Lanvin and Balenciaga. The street's tenant mix includes restaurants, jewellers, a butcher and a print shop, reflecting the efforts of freeholder Grosvenor Estate to preserve and enhance the character of a place that is also one of London's most exclusive residential neighbourhoods.
MBERP II raised a total of €750 million of equity by its final close in summer 2014. The fund's portfolio includes prime retail buildings on Bond Street, Piccadilly and Queensway in London, on the Champs-Elysees in Paris, Kobmagergade in Copenhagen, two Karstadt department stores in Berlin and the forward purchase of the Westfield Broadway shopping centre development in Bradford, northern England, which is scheduled to open in November.
Meyer Bergman was advised by Michael Elliott, Allsop, Concorde Capital, and Jones Day. The vendor was advised by DTZ.