London’s iconic Burlington Arcade sold to billionaire Reuben brothers for £300m | City A.M.

Billionaire brothers Simon and David Reuben have bought the iconic Burlington Arcade for £300m from New York property group Thor Equities and European private equity firm Meyer Bergman.

The Mayfair arcade was bought by Thor Equities and Meyer Bergman for £104m back in 2010.

Commenting on the sale, Joseph Sitt, CEO of Thor Equities, said:

“After repositioning and restoring the Burlington Arcade to its former glory, we felt the time was right to sell this historic landmark.

“With its magnificent redesign and new luxury tenants, the property will remain a treasured London destination for generations to come.”

The company said that it had performed several upgrades to the luxury retail arcade, including a redesign by UK architect Jamie Fobert.

The arcade now features stone floors sourced from English quarries, as well as restored details including the building’s upper arches.

The arcade, which opened in 1819, has approximately 37,000 square feet of retail space and a combined frontage of over 1,100 feet, attracting over 4m visitors a year.