The owners of London’s iconic Burlington Arcade have confirmed that it has closed its sale to a private investor for £300 million.
Although the owners, Thor Equities and Meyer Bergman, did not reveal the buyer, previous reports have suggested that that property tycoons David and Simon Reuben were the winning bidders.
The news comes after the Mayfair arcade, which welcomes four million visitors are year and is regarded as the longest covered shopping street in the UK, was first put up for sale in January.
The initial sale price was thought to be £400 million, although the confirmed £300 million price tag is still more than the £104 million Thor Equities spent to acquire the property in 2010.
The firm has since carried out several upgrades to the arcade while maintaining its historic appeal.
In 2014, Burlington Arcade welcomed a string of Chanel-owned labels including watchmaker Bell & Ross and milliner Maison Michael.
They joined a roster of established retailers including Ladurée, Vilebrequin, Harrys of London, Lulu Guinness and Church’s.
More recently, luxury brands Manolo Blahnik, Frederic Malle, La Perla, and historic perfume house Atkinsons all opened stores at the arcade.
“After repositioning and restoring the Burlington Arcade to its former glory, we felt the time was right to sell this historic landmark,” Thor Equities chief executive Joseph Sitt said.
“With its magnificent redesign and new luxury tenants, the property will remain a treasured London destination for generations to come.”