Shaftesbury has paid £38.5m to PMB Holdings to acquire a long-leasehold interest in various Berwick Street properties.
The company now controls about half of the frontages in Berwick Street, in the Soho area of London. Chief executive Brian Bickell said it would be interested in acquiring more sites but that the fragmented nature of ownership meant properties there were rarely available to purchase.
The site is currently being redeveloped and will provide 12,500 sq ft of retail space, a restaurant, a supermarket and a 110-bedroom hotel.
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