Greenridge Investment Management Limited has completed the acquisition of One Tower Bridge, a c.83,500 sq ft prime leisure and retail scheme on London’s Southbank. The asset was acquired from pan-European real estate investment manager Redevco.
The transaction marks the first London investment by Greenridge’s £150m core-plus fund Greenridge Opportunities (“GO”), which is over 80% subscribed by investors from outside of the UK.
Situated near landmarks such as Tower Bridge, City Hall, and the Tower of London, the asset is located in one of the UK capital’s most desirable mixed-use, retail, hospitality, and leisure destinations, with views along the River Thames beneath luxury residential apartments developed by Berkeley Group.
The asset comprises 14 commercial units anchored by high-profile F&B and cultural occupiers, including The Ivy Restaurant, Vapiano, Sainsbury’s, Rosa’s Thai and the 900-seat Bridge Theatre.
The majority of the units are occupied, with 86% of the existing rental income index linked. Post-acquisition, Greenridge will implement a targeted asset management plan aimed at optimising income and asset value through increasing lease completions, open market and inflation-linked rent reviews, and commercial activations such as pop-ups and film licensing, leveraging the scenic backdrop.
Established in 1994, Greenridge has transacted on over £3.3bn of UK & European real estate. The investment manager, which started as a private property investor before expanding into third-party capital management, specialises in identifying mispriced properties underpinned by strong real estate fundamentals. In addition to the GO fund series, Greenridge manages a diversified real estate portfolio across a range of risk/return profiles and investment structures, acting on behalf of a global client base that includes sovereign wealth, institutional investors, and private capital.