The Reuben Brothers Are On A £500M West End Spree
Asian investors have been dominating the London investment market but domestic buyers staged a comeback in the West End in the first half of the year, and none more so than the billionaire Reuben brothers.
U.K. buyers accounted for 45% of the £2.9B invested in the West End in the first half of 2018, according to Savills, overtaking Asian investors who dominated in 2017. Asian investors completed £600M of West End deals in the first half, Savills said.
The Reuben brothers completed the largest West End deal so far in 2018 — the £297M purchase of the Burlington Arcade retail parade from Thor Equities and Meyer Bergman. The deal represented a net initial yield of 3.2%.
In fact, Motcomb Estates, one of the brothers’ investment vehicles, has been on something of an investment streak, completing five West End deals worth more than £500M in the past 12 months.
In addition to the Burlington Arcade, the investment firm bought an office at 27 Knightsbridge for £110M; the mixed-use Golden Cross House on the Strand for £68M; an office and retail property at 70 Pall Mall for £35M; and an office at 22 King St. for £19M.
Forbes estimates the brothers’ net worth at $11.5B.