Kajima Properties, with their partner Hulic, are pleased to announce that they have completed the sale of their interest in 103 Mount Street in Mayfair, W1 to a fund managed by specialist retail investment manager Meyer Bergman for c.£80 million.

The long leasehold prime office and retail property was purchased in 2009, and as asset managers for the owners Kajima have implemented a number of initiatives to maximise both the returns to shareholders and the capital value of the property, including securing a change of use for the ground and basement floors to create an anchor super-prime retail unit, now let to Celine, part of LVMH Group.

The disposal has resulted in a substantial return to shareholders and demonstrates the demand for high quality commercial London assets in premium locations.

John Harcourt of Kajima said that: “103 Mount Street has performed extremely well for Kajima and our partner. The strength of demand for super-prime London assets combined with the relative maturity of the asset suggested that now seemed an excellent time to crystallise our returns and recycle capital into new opportunities.”

Kajima and Hulic were advised by DTZ and Berwin Leighton Paisner.