AOG Real Estate completes redevelopment of London Mayfair property
15 October 2013
AOG Real Estate has completed the redevelopment of its Hanover Street property in the exclusive Mayfair area of London, marking its second major completion of the year.
The development took place between August 2011 and September 2013 and involved the demolition of existing buildings and the construction of high quality mixed use property adjacent to Hanover Square.
The development includes 25,000 sq ft of Grade A offices on eight floors and a 1,600 sq ft ground-floor retail space that is already let to one of the city’s contemporary art galleries. This property forms part of AOG Real Estate’s core portfolio, aimed at ensuring a low-risk, stable income for the long term.
The scheme also comprises six luxury apartments, including a 1,500 sq ft penthouse, which have all been sold prior to completion.
AOG Real Estate has worked in partnership with Morgan Capital Partners, its asset and development manager, to complete the scheme.
The completion of the Mayfair development follows the completion and sale in July 2013 of is first and emblematic redevelopment project in Paris. Bought in August 2011, the former Panhard buildings at Ivry represented 21.700 m2 of office space, built in 1870, which was redeveloped, rented and then sold for Euros 164 million to French real estate investment company, Primonial Reim, in collaboration with AOG Real Estate’s Parisian partner, Emerige.
Founded in 2010, AOG Real Estate has already developed a reputation as a trusted and responsive partner, with the professional sector expertise and corporate governance standards of an institutional investor. Focused on commercial properties in prime locations in Europe and North America, its assets were valued at $750 million at end 2012.
