Criterion snaps up West End assets

  Criterion Capital has added to its West End portfolio with the purchase of two landmark properties within the Piccadilly to Leicester Square corridor.     The UK asset management company of the Aziz family trust has bought One Leicester Square, WC1, and Coventry House, SW1, for a combined £60m – a 5.5% blended yield.   Both properties have been bought from CLS Holdings, which is restructuring to become a more competitive pan-European investor. The Swedish investor is in the midst of a sell-off of its UK assets.   A total of almost £140m has now been sold, including its stake in the Shard of Glass development at London Bridge, SE1.   The 45,000 sq ft One Leicester Square, which is occupied by nightclub Sound, was put up for sale in February for £31.5m. Nightclub Penthouse, which occupied three floors, went into administration last week.   A further 10,000 sq ft is also vacant. It was previously let to MTV as studio space. Criterion plans to create a “flagship destination store for an international brand” in the empty space.   Coventry House, on the south side of Coventry Street at the junction with Haymarket, was sold off-market. It has been recently refurbished to provide four flats. The basement, ground and first floor are let to Aberdeen Steak Houses.   Peter Couch, Criterion’s deputy chief executive and construction director, said: “This is in line with our strategic ambition to own London tourist assets and to invest only in West End prime retail sites and London shopping centres.”   Criterion’s £2bn portfolio is 60% weighted to core West End assets, including the Trocadero.   samantha.mcclary@egi.co.uk