Trophaeum Asset Management has acquired 49 Albemarle Street, W1, for £20.75m from LaSalle Investment Management, a yield of around 3.3%.
The 8,130 sq ft building in Mayfair is home to Malaysian designer Han Chong’s flagship store for his Self Portrait brand, as well as an art gallery and offices on the upper floors.
Trophaeum, which acts on behalf of European investors, is now the majority owner of the property in the street. It entered the UK market in 2013.
The firm has focused on regenerating the area by bringing in new restaurants such as Isabel’s, the sister restaurant of Casa Cruz in Notting Hill, and high-end fashion designers including Alexander Wang’s debut UK store.
Matt Farrell, director at Trophaeum Asset Management, said the regeneration was designed to “keep the inherent charm of Albemarle Street, but to also bring it up to date”.
This latest acquisition follows Trophaeum’s 2015 purchase of 139 New Bond Street, W1, for more than £70m from antiques dealer SJ Phillips.
To send feedback, e-mail Louise.Dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette
