Royal Exchange owners Oxford Properties sell City gem to Ardent for around £50m
The owners of the Royal Exchange have sold the City’s retail gem to an Atlanta-based real estate investment firm.
The retail element of the neoclassical site – which is home to luxury brands including Tiffany & Co and Hermès – has been snagged by Ardent UK, a subsidiary of its US owner.
While Ardent did not reveal the price tag of the deal, CityA.M. understands it was around a previously speculated £50m sum.
The Royal Exchange has been under the ownership of Canadian Oxford Properties since 2014, with the 51,400 sq ft site having a history covering four and a half centuries.
While initially built as a central marketplace for London, the site was home to the Lloyd’s insurance market for around 150 years of its varied lifespan.
It comes as businesses in the City have been forced to adapt to changes in working patterns since the pandemic, with tourist and office worker footfall on the road to recovery.
Ardent hopes to adapt the destination’s offering to better meet “the changing needs of those that visit the City for both work and pleasure,” managing director, Richard Benson, said.
Home to Fortnum & Mason’s, the Exchange has “long been the Square Mile’s destination of choice for those seeking the best in luxury goods and dining,” Benson said.