Sloane Capital heads for Beverly Hills

SLOANE Capital, the Limerick-based property company backed by JP McManus and John Magnier, has bought one of the most prestigious retail outlets on Rodeo Drive in Beverly Hills for €196 million.

Two Rodeo Drive is home to designers like Versace Dior, Jimmy Choo, Renè Caovilla, Damiani, Gucci, Porsche Design, Cole Haan and jewellers Tiffany & Co. It is popular not only with Beverly Hills’ celebrity residents but millions of tourists who visit Los Angeles.

The 126,468sq ft building covers four levels and is located at the prime corner of Rodeo Drive and Wilshire Boulevard in Beverly Hills. The shopping district is known as the Golden Triangle and has the prestigious 90210 zip code.

The Irish investors are no strangers to Beverly Hills — they own the building across the street that houses Bulgari. They also own the Rhinelander Mansion in New York, which is home to Ralph Lauren’s flagship store and the Harry Winston jewellers in London and New York.

While retailers in California have suffered a tough time in recent years, demand for luxury has returned and Two Rodeo Drive is fully let to 27 tenants.

However, it has not paid at the tip of the market. The recent sale of the Gucci building on Rodeo Drive went for $3,000 per square foot and the price paid by Sloane is equivalent to $2,115 per square foot.

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