Reuben brothers expand Piccadilly empire with £50 million deal for office block
The billionaire Reuben brothers have forked out £50 million to expand their sprawling Piccadilly property empire just weeks after doing a blockbuster deal for Mayfair’s oldest car park.
Motcomb Estates, owned by David and Simon Reuben, have struck a deal to buy the 125-year lease of office block 105 Piccadilly, the Evening Standard can reveal.
The block, home to a number of asset managers, brings in a rent of around £1.9 million a year.
It increases the pair’s stranglehold on West End property. The brothers made their fortune — estimated at £7.2 billion by Bloomberg — in Russia in the Nineties, where they were dubbed the “metal tsars” for their role in restructuring the aluminium industry there.
Last month the tycoons paid £70 million for a car park in Carrington Street which has scope for a £500 million redevelopment.
The Piccadilly Estate, which includes the former In & Out private members’ club at No 94, is also part of their portfolio.
Today’s purchase was bought from the freeholder Sir Richard Sutton Estates which was advised by agent Colliers International. All parties declined to comment.