Victory Group, the European investor founded in 2009 by former Blackstone managing director Erik Moresco, has made its first acquisition in the UK, buying 103-105 Jermyn Street from Zero Carbon Space, the NorthStar Capital and LandCap joint venture, for an undisclosed amount understood to be in excess of £40 million.
The 16,636-square-foot building has a Moss Bros men's fashion store on the ground floor and first floor and office space on the upper five floors and is on 0.07 acres. Office tenants include Hill Dickinson and Helicon Investments.
The property sits on the south side of Jermyn Street, between the junctions with Duke of York Street and Babmaes Street. Piccadilly Circus and Green Park Underground Stations are close by.
CBRE Investment Management, on behalf of the Shell Pension Fund, sold the building to Zero Carbon Space two years ago.
Victory Group plans to refurbish and extend the building to add floorspace, amenities and terrace space. The project is targeting delivery in 2026.
It has invested in the Netherlands, Belgium, Switzerland and Germany.
LBS Properties will be the development manager for the refurbishment project. BCLP and Wedlake Bell advised on the transaction.
Erik Moresco, founder and managing director of Victory Group, said in a statement: “The transaction needed to be completed within an extremely short time frame and Victory completed it start to finish in less than 20 days. They look forward to delivering the project in 2026. This acquisition continues their thematic investing in creating highly sustainable, best-in-class assets that they believe provide the best risk adjusted investments in the current highly volatile market.”
(This story has been updated to say the price is in excess of £40 million.)