Ardent UK completes Royal Exchange deal

Ardent UK, the subsidiary of US based real estate investment and asset management firm The Ardent Companies, today announced its acquisition of the retail element of The Royal Exchange in the City of London, from Oxford properties, in a deal thought to be valued at around £50m.

The retail destination located opposite the Bank of England provides 51,400 sq ft of luxury retail space and features brands such as Tiffany and Co, Hermès, Bremont, and Fortnum and Mason.

The location is the latest addition to Ardent UK’s retail portfolio, following the the purchase of the Touchwood shopping centre in Solihull last year.

Since its launch in the UK last year, Ardent UK has also established a national industrial portfolio of more than 2.25m sq ft.

Situated in the heart of The City, The Royal Exchange has seen many uses since its original purpose as London’s first purpose-built trading centre in 1566. The Exchange is a mixed-use site, with office space in the upper floors of the asset managed separately from the retail element.

Richard Benson, Managing Director of Ardent UK, said: “As an opportunistic and acquisitive firm, the possibilities presented by The Royal Exchange are very attractive, with our strategy focused on driving performance through an improved offer that better meets the changing needs of those that visit the City for both work and pleasure. The Royal Exchange has long been the Square Mile’s destination of choice for those seeking the best in luxury goods and dining, and we look forward to being a part of the latest chapter in the storied history of this great asset.”

Bruce Gillingham Pollard represented Ardent UK Properties and CBRE advised Oxford Properties.