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Ares Funds Acquire Netflix’s London Offices
Ares Real Estate Funds, affiliates of Ares Management Corp., acquired the Copyright Building in London from Union Investment. Published reports say the 106,000-square-foot office and retail property, which houses the London offices of Netflix via a sublease from Capital Business Services, traded for £160 million (approximately U2$216 million).
“We believe the acquisition of the Copyright Building is consistent with our thesis focused on high quality, well-located assets benefiting from the powerful rental growth we have seen in many of the Central London submarkets,” said Wilson Lamont, partner and co-head of European real estate at Ares.
Nearly 100% occupied, the Copyright Building benefits from a central location in Fitzrovia, a sought-after West End office submarket, according to Union Investment. Hamburg, Germany-based Union Investment acquired the property immediately after its completion in 2017 and has held it since then in the open-ended public real estate fund UniImmo: Europa.
Union Investment was advised on the sale by Savills and Knight Frank.
- ◦Sale/Acquisition
