Forsters advises on purchase of 7 Old Park Lane, Mayfair
Forsters has advised Gruppo Romeo on the purchase of the freehold of 7 Old Park Lane. The circa 50,000 sq ft freehold property is currently fully let to 24 occupiers and is located in a prime location in Mayfair on the doorstep of Knightsbridge and Belgravia.
Gruppo Romeo is a European real estate investor based in Italy with €8 billion of assets under management and 495 million sq ft of managed space.
The Park Lane acquisition is part of Gruppo Romeo’s international investment and diversification strategy of developing a portfolio of strategic high-end properties featuring high-quality cash flows, exceptional locations and opportunities to increase value through active asset management and development.
A spokesperson for the Romeo family said: “Gruppo Romeo is delighted to have entered the London property market by acquiring this highly desirable building. Freehold assets such as 7 Old Park Lane are very rare. The prime location, multitude of re-development options, future reversionary rental upside and low capital value per sq ft make it an attractive deal for us. Our options for the property are varied and we will be undertaking a full strategy review in 2016. We were particularly delighted to have worked for the first time with Forsters on this acquisition. They were first class and enabled us to complete the deal in a short time frame and we very much look forward to our continued relationship with them."
Forsters' partners Howard Gill and Glenn Dunn, assisted by James Corbett, advised Gruppo Romeo.