AshbyCapital has completed its purchase of a 50% stake in Fitzroy Place, from Kaupthing, as tipped by Estates Gazette last month.
Kaupthing appointed CBRE in August to market its share of the development in the West End, WC1, which it jointly owned with Aviva Investors.
11 Oct: AshbyCapital puts it on the Fitz
AshbyCapital paid £217.1m for the half-stake – a 4% yield.
Aviva has kept its 50% share.
Fitzroy Place comprises 220,000 sq ft of fully-let offices across two buildings. The larger 140,000 sq ft building, 1 Fitzroy Place, is the new UK headquarters of cosmetics giant Estée Lauder.
There are also 295 flats, 235 of which are private units.
The scheme has been managed by Exemplar since Aviva bought a 50% stake in 2009 for £156m.
Peter Ferrari, chief executive at AshbyCapital, said: “The quality of Fitzroy Place, combined with the rarity of a scheme of this scale in such a desirable West End location, makes this an attractive proposition.
“With the West End Project – a new £40m public realm investment – now underway, and the Elizabeth Line and the £1bn transformation of Tottenham Court Road Station set to make this one of London’s busiest transport hubs, we are hugely excited about the future of this area.”
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