Estates Gazette – 25th May 2019
Reuben Brothers is in advanced talks to acquire Clareville House, WC2, for around £66m at a 4.1% yield from DTZ Investors. DTZ manages the building on behalf of the National Grid UK Pension Fund. It is the second acquisition in as many months for the billionaire brothers’ investment firm.
Last month it bought the long leasehold for 100 Pall Mall, SW1 for close to £90m. In 2018, it paid Quadrum Global around £61m for 54 and 55-57 Great Marlborough Street, W1, bought the Curtain hotel and members’ club, EC2, for an undisclosed sum, and acquired Glen House in South Kensington, after purchasing the Burlington Arcade, W1, for £300m from Thor Equities and Meyer Bergman.
Located at 26-27 Oxendon Street, close to Leicester Square, the 58,000 sq ft Clareville House was refurbished by Helical on behalf of the pension fund, completing in 2009.
Occupiers include Holder Mathias Architects, bar, club and restaurant operator Novus, legal recruitment specialist Morgan Law, and the Japan Centre on the ground floor Fineman Ross is advising DTZ Investors on the sale. Reuben Brothers, Fineman Ross and DTZ Investors declined to comment.