Ares Management has purchased the Copyright Building in Fitzrovia for approximately £160 million, with Capita having fully subleased the space to Netflix. According to informed sources, the alternative asset management firm is increasing its investment in London's office market through the acquisition of 30 Berners Street. The property is leased to Capita Business Services, which has sublet the entire space to Netflix, effectively linking the asset's cash flow to a global streaming tenant.

Reports indicate the purchase price is slightly below what Union Investment paid in 2017, suggesting that while institutional capital is returning to prime Central London locations, pricing has undergone a reset. This transaction appears to reflect a broader shift among alternative asset managers who temporarily retreated from office markets during pandemic-era remote work trends but are now positioning for potential recovery. Their investment thesis centers on limited new development and potential supply constraints that could support rents and occupancy rates in central London.

Ares has maintained active presence in central London in recent years, acquiring properties including 101 New Cavendish Street and 45 Pall Mall. Wilson Lamont, Partner and Co-Head of European Real Estate at Ares, stated the acquisition aligns with the firm's strategy of focusing on high-quality, well-located assets that could benefit from rental growth across multiple central London submarkets.

Market data supports reasons for capital's potential return. JLL reported £5.3 billion in West End transaction volume last year compared to £4.2 billion in the City of London. Savills data shows 23 central London properties traded for over £100 million last year, nearly double 2024's levels. Union Investment's Jacob Thompson described the sale as part of its strategy to create more flexibility within its European real estate fund, while other alternative investment managers including Strategic Value Partners and Elliott Management have also been acquiring assets in the area. Investors accepting lower yields in exchange for stable rental income have long favored this market.