14 June 2004 – The Times
The Reuben brothers, the billionaire private investors behind the £900 million management of Chelsfield, are in detailed talks to buy Carlton House in London’s West End from the billionaire Latsis family, the Greek shipping tycoons, The Times has learnt. David and Simon Reuben are believed to be close to agreeing a deal to buy the property, in St James’s Square, for about £27 million.
The building, which has nearly 65,000 sq ft, includes 30,000 sq ft of offices. It also has 33 luxury apartments, most of which are rented out on an annual basis. The deal follows speculation that Consolidated Real Estate Management Services (Crems), the property company which looks after some of the Latsis family’s UK property interests, may sell further properties. The biggest remaining asset in London is Curzon Square, a recently completed office development on Park Lane, which is available to let for £70 per sq ft. Property sources believe that if the Reubens complete the deal to buy Carlton House they may also try to purchase Curzon Square, although Crems insists that the building is not up for sale. Earlier this year the Latsis family sold another property, Leconfield House, to Robert Tchenguiz, the Iranian property tycoon, for about £45 million. The building houses the
headquarters of Rotch, Mr Tchenguiz’s private property company. The Latsis family has an estimated fortune of £2.1 billion and appeared in The Sunday Times Rich List at number 11. The family is currently headed by Spiro, following the death of John Latsis in April last year.