The UK's oldest shopping centre, the Royal Exchange in the City of London, has been placed on the market for a reported £75 million. The historic retail arcade, officially opened by Queen Elizabeth I in 1571, was acquired by Ardent Companies UK in 2022 for just under £50 million.
Historic Background
Wealthy merchant Sir Thomas Gresham founded the Royal Exchange in 1566 as London's first purpose-built stock trading centre, inspired by the Bourse in Antwerp. Queen Elizabeth I formally opened the building in 1571, granting it a royal title and a licence to sell alcohol. In 1660, Sir Gresham added two more storeys to the original trading floor, which were dedicated to retail businesses, effectively creating Britain's first shopping mall.
Modern Retail Destination
Today, the 51,400 sq ft venue is London's sole luxury shopping destination, home to prestigious brands such as Tiffany and Co, Hermès, and Fortnum and Mason. Footfall increased by 12 percent last year, with 99 percent of floor space occupied by retail outlets, restaurants, and bars. The building has a rich history, including the proclamation of King Edward VII in 1901, surviving World War II despite Blitz damage in 1941, and its transformation into an upmarket shopping and dining destination in 2001.
Ardent Companies UK, a subsidiary of an Atlanta-based asset management firm, acquired the property in 2022 from Oxford Properties to break into the retail sector. The sale comes just years after that acquisition, highlighting the enduring value of this iconic London landmark.
