Meyer Bergman has achieved a significant win for its first value-add fund after completing the sale of its 50% interest in London’s iconic Burlington Arcade to the Reuben brothers. It follows more than seven years of work to reposition the historic building as a luxury shopping destination.
Marcus Meijer, CEO of Meyer Bergman, said: “We saw the hidden potential for the arcade when others only saw a mature institutional asset. The transformed property is a great legacy for our maiden fund as we crystallise the significant value created for our investors. It is also a prime example of the kind of retail destination we believe will continue to attract local and international shoppers in the long term by offering them a unique and authentic shopping experience.”
Meyer Bergman European Retail Partners and joint venture partner Thor Equities acquired the building in October 2010. It worked closely to enhance the attractiveness of the Grade II listed building while respecting the integrity of its heritage. This enabled Meyer Bergman to attract an exciting new mix of brands. During the fund’s ownership, the rental income more than doubled and improved in quality.