MOMENI successfully expands to London and acquires the iconic Foyles Building
- The MOMENI Group acquires the prestigious Foyles headquarters at 107–109 Charing Cross Road in London jointly with a co-investor
- Landmark property in prime location close to Soho Square
- With this transaction, MOMENI successfully expands into the UK
- MOMENI will open a London branch office
Germany’s MOMENI Group, which so far operated nationwide, acquires the 107–109 Charing Cross Road property in London as its first investment outside of Germany.
Located in the cultural heart of London with excellent transport links thanks to nearby Tottenham Court Road station, the prominent building shares the neighborhood with businesses such as Google and McKinsey & Company. The property was built in 1939 and used by Central Saint Martins School of Art and Design. Shortly after acquiring it in 2011, W & G Foyle Ltd. completely refurbished the building. Thanks to the prestigious façade and well-preserved structure, the property has a high recognition value.
While this transaction represents the first step in MOMENI’s further growth strategy, the company will continue to focus its investments on landmark properties with value-added potential in prime inner-city locations.
“With our first investment outside of Germany, we are taking an important strategic step for the Group as a whole. Thanks to our strong commitment to quality and sustainability, we are confident that we can transfer the MOMENI Group’s successful strategy to London,” says Ali-Reza Momeni, CEO & Founder of the MOMENI Group.
“We believe not only in the great potential of this landmark Soho property but also in the long-term importance of London’s real-estate market. That makes this acquisition an ideal initial investment on entering the London market,” adds Andreas Gladisch, Managing Director of the MOMENI Group.
Knight Frank UK advised MOMENI on the acquisition and Mills & Reeve LLP, London, provided legal counsel. CBRE and Herbert Smith Freehills LLP advised the seller. The parties have agreed to keep the purchase price confidential.
Ms. Natascha Schlicht
T +49 40 411 667-700