Council leader welcomes acquisition by property investment firm
Shepherd's Bush Market
A real estate investment firm has bought a controlling interest in Shepherd’s Bush Market for an undisclosed sum.
Yoo Capital Investment Management (“Yoo Capital”), which is a joint venture between Yoo Capital, a privately held real estate investment firm, and Astarte Capital Partners, now owns over 75% shares in the market with previous owners U+I retaining the remainder.
The new owners are saying that they are ‘excited’ at the prospect of working with the traders based in the market and they are promising to protect the heritage of what they describe as a ‘well-loved London landmark’. The site involves a total of 4.2 acres, including what Yoo Capital describe as adjoining land available for a mixed-use development with affordable housing.
The deal has been endorsed by Cllr Stephen Cowan, leader of Hammersmith & Fulham council who described at a fresh start for the market.
Yoo Capital describes itself on its web site as a company which develops and asset manages real estate to reposition, turnaround and add value to investments. It claims to have particular experience in conservation areas, mixed-use environments and working with local communities to create places that contribute to the local area. Most recently it has been involved in the redevelopment of the Olympia exhibition centre. It says this project will see the 130-year-old exhibition centre transformed into a arts, entertainment, exhibition and experiential district.
Stephen Cowan said, “I welcome the fresh start. The traders and Goldhawk Road shopkeepers have suffered a miserable time for over a decade ever since this scheme first started. Meanwhile, Shepherd’s Bush Market has declined.
“I know Yoo Capital and having seen how they work elsewhere in our borough welcome their investment and stewardship of this important part of Shepherd’s Bush.
“I’m confident they’ll invest and work collaboratively to ensure market traders thrive and prosper, and that new genuinely affordable homes and workspaces are built on the adjacent Old Laundry Yard site. I look forward to working with them and local people to deliver those results.”
John Hitchcox, Chairman of Yoo Capital, said: “We are excited to be entering into a new era with Shepherd’s Bush Market. The last few months have taken their toll on businesses large and small and we look forward to investing in the market and the wider area to ensure that they come back stronger than ever.”
Originally established in 1914, Shepherd’s Bush Market is one of London’s most historic and well-known markets. It has welcomed visitors from around the world, drawn by its reputation for textiles and good value.
September 28, 2020