Shaftesbury : Strategic addition to Soho ownership
Shaftesbury PLC Strategic addition to Soho ownership Shaftesbury PLC, the Real Estate Investment Trust which owns a 14½ acre portfolio in London's West End, announces that it has entered in to a contract with PMB Holdings Limited to acquire a long-leasehold interest in 90-104 Berwick Street, Soho, London W1 at a price of £38.5 million. Located at the southern end of Berwick Street, the property is currently being redeveloped to provide 12,500 sq. ft of retail, a 5,500 sq. ft. supermarket, a 2,000 sq. ft. restaurant and a 110 bedroom hotel. Both the hotel and supermarket have been pre-let. The redevelopment is expected to complete in late 2018, which will, subject to satisfying various contractual conditions, trigger the completion of the acquisition. Commenting on the transaction, Brian Bickell, Chief Executive of Shaftesbury, commented: 'We are pleased to have secured this strategic acquisition , which materially increases our ownership of Berwick Street frontages to 50%....