Blackstone completes large £550 million sale of the Adelphi building

After some well-publicised negotiations, Zara’s founder Amancio Ortega has purchased the prestigious Adelphi building at 1-11 John Adam Street in Covent Garden for around £550 million, through his property investment firm Pontegadea.

The 330,000 sq ft, grade II-listed site was originally built in the 1930s, and after extensive refurbishment in 2017 is now home to some heavy hitters in the market, such as The Economist, Condé Nast and Spotify.

The huge sale is the largest in the West End so far this year and reflects a yield of 4.5%.

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