LONDON-The Prudential has put Burlington Arcade up for sale through CB Richard Ellis with a euro 80.8-million ($103.4-million) asking price.
The arcade is the UK's oldest and one of London's most exclusive shopping locations. The arcade was opened in 1819 and is patrolled by liveried Beadles, the world's smallest private police force. It comprises 47 shops units, including Crockett & Jones, the luxury shoe shop, and Rose Fine Jewels, retailer of antique and period jewelry. The top rents at the arcade are euro 505 ($647) per sf for "Zone A" shop frontage space, below the euro 721 ($923) per sf on nearby Bond Street.
The property has been in Prudential's ownership for 53 years, but now the fund is reviewing its euro 18.04-billion ($23.09-billion) property portfolio. The group says the centre did not match its preferred mix of commercial, shopping and industrial assets. Prudential plans to capitalize on unprecedented demand for property from private investors, institutions and property companies, which are expected to reach record levels this year.
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