Crown Estate sells rare freehold interest in Bloomsbury to MEAG

The Crown Estate has sold its freehold interest in 10 Bloomsbury Way to MEAG. The price paid for the freehold was approximately €40.8 million (£36.4 million).

The landmark island site, which fronts New Oxford Street, Bloomsbury Way and Bury Place, is let to London & Regional on a long leasehold agreement. This is the first time this rare ground rent investment has ever been traded.

“MEAG has been an active investor in ground rents in Germany and is delighted to close our first acquisition of a ground rent investment in the UK.  We hope to consider similar opportunities in London in future,” said MEAG Managing Director Dr. Hans-Joachim Barkmann.

CBRE advised The Crown Estate on the sale, whilst Cushman & Wakefield advised MEAG.