In the United Kingdom, real estate investments firm Aprirose Limited has announced that it intends to sell the building that houses London’s iconic Grosvenor Victoria Casino and is only prepared to entertain offers in excess of $85.6 million.
London-based Aprirose Limited secured the freehold ownership of the 71,138 sq ft Edgware Road property in 2014 after paying a little over $67.9 million with British casino operator Rank Group, which runs some 55 locations throughout the United Kingdom, shelling out around $3.4 million a year to rent the property under a lease agreement that is set to expire in 2026.
“The Grosvenor Victoria Casino is a London West End institution that makes an attractive investment for potential buyers,” read a statement from Manish Gudka, Chief Executive Officer for Aprirose Limited. “We have appointed our advisers to dispose of the asset as we look to exit in line with our investment strategy at the time of purchase.”
Since purchasing the property, Aprirose Limited has seen it become the spiritual home of British poker with up to 1,400 patrons passing through its doors every day. The venue’s 250-seat poker room not only offers around-the-clock cash games and tournaments but has hosted stops of the European Poker Tour, the Unibet Open, the World Series Of Poker Europe and the Grosvenor United Kingdom Poker Tour.
Just as it did in 2014 when it acquired the venue from Earth Properties, which is a joint venture between William Pears Group and entrepreneur Tony Khalastchi, Aprirose Limited has hired real estate agents Knight Frank and Savills UK to promote and manage the sale.
“The marketing of this asset presents an outstanding opportunity as London casinos are rarely offered to the open market,” read a statement from Jonathan O’Regan, Central London Investment Director for Savills UK. “The casino sector is performing well in London and Grosvenor Casinos, the United Kingdom’s biggest brand, is an excellent covenant for this asset.”