Welput, the specialist Central London office fund managed by BentallGreenOak, has completed the acquisition of Portman Square House, London, W1 from a European core fund managed by AXA IM Alts
The property was originally developed in the 1920’s and is located on one of the West End’s most prominent garden squares, with connectivity to the Elizabeth Line at Bond Street and Paddington stations. The building is a well-known West End address and is currently home to Cushman & Wakefield and Invesco, serving as their London headquarters.
AXA IM Alts acquired the 80-year leasehold building in November 2019. The property was marketed for sale with the opportunity to add value by capturing reversion through refurbishments and re-letting, as well as opportunity to add massing through a scheme which included infilling the atrium and revamping the upper levels.
Ker Gilchrist, Managing Partner at BentallGreenOak said, “The acquisition of Portman Square House marks the successful redeployment of capital for Welput, after recently selling circa £300 million of assets in St James which had come to the end of their business plans.
We have a number of plans for Portman Square House and the timing for re-positioning compliments Welput’s current development exposure in Kings Cross and Victoria. We continue to be attracted by the supply and demand dynamics playing out in the West End with the depth of occupational activity providing for potential rental outperformance, for the right product.
Portman Square House provides the opportunity to return a fantastic property back to its former glory as a landmark HQ building, on a garden square, a short walk from Crossrail, with all the amenity and ESG credentials required of a modern office occupier.
We are super-excited by the potential to deliver best in class here and look forward to working with our freeholder, The Portman Estate to achieve that aim.”
BentallGreenOak was represented by JLL and Norton Rose Fulbright. AXA IM Alts was represented by Knight Frank and DLA Piper.