Greenridge Investment Management has completed the acquisition of the One Tower Bridge leisure and retail scheme on London’s South Bank from Redevco for an undisclosed price.
The circa 83,500 sq ft asset comprises 14 commercial units and is anchored by F&B and cultural occupiers including The Ivy Restaurant, Vapiano, Sainsbury’s, Rosa’s Thai and the 900-seat Bridge Theatre. The majority of the units are occupied, with 86% of the existing rental income index linked.
Post-acquisition, Greenridge will implement a targeted asset management plan aimed at optimising income and asset value through increasing lease completions and open market and inflation-linked rent reviews.
The transaction marks the first London investment by Greenridge’s £150m core-plus fund Greenridge Opportunities, which is more than 80% subscribed by investors from outside of the UK.
Alex Walker, partner at Greenridge, said: “Today’s announcement demonstrates our conviction in the long-term resilience of prime London leisure and retail properties, as well as the UK capital’s enduring appeal as a global investment destination. One Tower Bridge offers an exceptional tenant profile in an iconic riverside location, aligning perfectly with our strategy of targeting high quality, income-generating opportunities in established urban sub-markets.”
Paul Simmons, co-founder of Greenridge, added: “The acquisition of One Tower Bridge is further proof of our ability to leverage three decades of investing and relationship building to source and execute complex transactions, acquiring highly attractive assets at compelling price points.”
