13 02 2015

Grosvenor Fund Management has acquired the freehold of 42-60 Kensington High Street from Lum Chang

Walkers advises Grosvenor Fund Management on acquisition of the freehold of 42-60 Kensington High Street, which comprises four prime retail units, from Lum Chang, on behalf of its Urban Retail V fund.


Situated in one of the main retail destinations in the Royal Borough of Kensington and Chelsea, the assets benefit from good transport links and double height glazed frontages that provide excellent natural light and shop floor visibility onto Kensington High Street. The four retail units are currently let to Uniqlo, Zara, Topshop and Miss Sixty. -60 Kensington High Street provides approximately 88,000 sq ft of retail, office and residential accommodation. The retail element totals just under 51,000 sq ft. The residential and office accommodation elements have been sold separately on long leases.
 
Urban Retail V is Grosvenor Fund Management’s fifth high street retail investment vehicle and focuses on core cities in UK, France, Belgium, Sweden, Finland, Denmark, Italy and Spain. The vehicle is be capitalised by The Grosvenor Group and one of GFM’s existing Canadian investors to produce an initial total investment capacity of around €400m.
 
GFM currently has £3.2bn of assets under management in Europe, including a portfolio of 31 historical buildings in the heart of Lyon, France and Liverpool ONE in the UK. GFM’s focus is on adding value for investors through active asset management, with funds outperforming their INREV Index peer benchmarks.
 
GFM were advised by Clifford Chance in London and Walkers in Jersey.
Walkers has advised with a team led by Mark Crichton and Jonathan Heaney (Picture).
    Involved fees earner: Jonathan Heaney - Walkers Global; Mark Crichton - Walkers Global;

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