Thor Equities has closed on the sale of London’s iconic Burlington Arcade in London to a private investor for £300 million, company executives have announced.
“After repositioning and restoring the Burlington Arcade to its former glory, we felt the time was right to sell this historic landmark,” said Joseph Sitt, CEO of Thor Equities. “With its magnificent redesign and new luxury tenants, the property will remain a treasured London destination for generations to come.”
Since acquiring the renowned global luxury retail destination for £104 million in 2010, Thor Equities performed several upgrades to the property while maintaining its historic appeal. Redesigned by British architect Jamie Fobert, the Burlington Arcade now features beautiful stone floors sourced from English quarries, as well as restored original details including the building’s grand upper arches.
In 2014, the Arcade welcomed a string of Chanel-owned labels including swim and lingerie label Erees, watchmaker Bell & Ross, milliner Maison Michael, and knit label Barrie. They joined a roster of established retailers including Ladurée, Vilebrequin, Harrys of London, Lulu Guinness and Church’s. More recently, the Arcade welcomed luxury brands Manolo Blahnik, Frederic Malle, La Perla, and historic perfume house Atkinsons.
Heralded as a true luxury landmark ever since it was unveiled to great acclaim in 1819, the Burlington Arcade is the longest covered shopping street in the United Kingdom, uniting Piccadilly and Bond Streets in the heart of Mayfair. With approximately 37,000 square feet of retail space and a combined frontage of over 1,100 feet, the Arcade today attracts over 4 million visitors a year.