Real estate investment manager Aprirose has acquired a mixed-use portfolio in St John’s Wood, London, for a price understood to be in the region of £65m.
The high street portfolio, which was purchased from Trophaeum, comprises 32 retail and 75 residential units and 19 car parking spaces.
Aprirose has already begun implementing its value creation strategy for the portfolio focused on investing in the estate to improve the rental tone.
Suraj Shah, head of capital raising at Aprirose, said: “St John’s Wood is a one-off asset that has huge appeal but with plenty of opportunity to add value and further prestige to its offer. Aprirose has a unique advantage in doing deals like this because of our in-house asset management and debt teams meaning that when the right opportunity comes along, we can galvanise and line up the right stakeholders swiftly, which is what happened with St John’s Wood.
“This is a fantastic deal for everyone involved – most importantly the residents, tenants and customers of the high street. We’re looking forward to delivering our asset management plan with some exciting news to come – watch this space!”
Ajay Patel, director of investments and capital raising at Aprirose, added: “St John’s Wood is exactly the type of deal we and our investors want to be doing more of – income producing assets with a clear and highly deliverable, de-risked value creation plan. Our investors recognised the inherent value in the opportunity which was demonstrated by the fact that the equity was oversubscribed – a result we are delighted with in the context of the current market environment. We’re now fully focused on capitalising on the huge opportunities we have for the high street to rival other prestigious London destinations.”
