Key Takeaways
- • Hines completed a £195 million freehold sale of The Burlian at 80 New Bond Street in London's West End to National Lottery operator Allwyn Entertainments, reflecting a net initial yield of 3.69%.
- • The transaction, completed toward the end of 2025, represents a fully-let mixed-use asset combining 10,000 square feet of retail (anchored by Abercrombie & Fitch) and 31,000 square feet of offices across five floors with tenants including Allwyn itself, UPL, and Cohen & Steer.
- • Allwyn, founded in 2012 by Czech entrepreneur Karel Komárek and operator of the UK National Lottery since February 2024 under a 10-year contract, acquired the asset through beneficial ownership including Komárek and entities connected to KKCG, a Czech investment company.
- • The building was originally purchased by Hines European Value Fund 2 in March 2020 and underwent major refurbishment; Hines secured the Abercrombie & Fitch retail anchor agreement in 2024 ahead of the sale.
- • Allwyn, which merged with Greek gaming firm Opap in 2025 to create the second-largest gambling company globally with a £13 billion valuation, continues strategic property consolidation as it implements technology improvements and navigates recent UK earnings pressures.
Summary
Hines has completed a £195 million sale of the freehold interest in The Burlian, a prime West End mixed-use development at 80 New Bond Street in London, to Allwyn Entertainments, the operator of the UK National Lottery. The transaction closed toward the end of 2025, though neither party formally announced it; confirmation emerged through a note on Hines's website and Companies House documentation. The deal carries a net initial yield of 3.69% and represents a significant trophy asset sale in London's luxury retail and office market.
The asset is fully leased across its 41,000 square feet. The retail component comprises approximately 10,000 square feet across two floors, anchored by a multi-year lease with Abercrombie & Fitch secured by Hines in 2024. The office portion, occupying floors two through seven, comprises 31,000 square feet and has undergone comprehensive refurbishment and extension by Orms Architects. Current office tenants include Allwyn Entertainments (third and fourth floors since 2024), UPL, and Cohen & Steer. The building was originally the Next flagship store before conversion.
Allwyn, founded in 2012 by Czech entrepreneur Karel Komárek, assumed operation of the UK National Lottery in February 2024 under a 10-year contract, becoming the fourth operator. The company's beneficial ownership of The Burlian includes Komárek and entities connected to KKCG, a Czech investment holding company. In 2025, Allwyn announced a merger with Opap, a Greek gaming operator, creating the second-largest gambling company globally with a reported valuation of £13 billion. The London property acquisition represents continued strategic consolidation as Allwyn navigates early operational challenges, including lower UK sales and earnings in early 2026 that management attributes to ongoing technology infrastructure upgrades.
Hines, which acquired the building on behalf of Hines European Value Fund 2 in March 2020, positioned it as a core West End holding during the London office market's transition. The £195 million exit reflects value creation through leasing execution and the strategic transition of property leadership to an occupying tenant with substantial capital resources and long-term operational presence in the UK market.
The asset is fully leased across its 41,000 square feet. The retail component comprises approximately 10,000 square feet across two floors, anchored by a multi-year lease with Abercrombie & Fitch secured by Hines in 2024. The office portion, occupying floors two through seven, comprises 31,000 square feet and has undergone comprehensive refurbishment and extension by Orms Architects. Current office tenants include Allwyn Entertainments (third and fourth floors since 2024), UPL, and Cohen & Steer. The building was originally the Next flagship store before conversion.
Allwyn, founded in 2012 by Czech entrepreneur Karel Komárek, assumed operation of the UK National Lottery in February 2024 under a 10-year contract, becoming the fourth operator. The company's beneficial ownership of The Burlian includes Komárek and entities connected to KKCG, a Czech investment holding company. In 2025, Allwyn announced a merger with Opap, a Greek gaming operator, creating the second-largest gambling company globally with a reported valuation of £13 billion. The London property acquisition represents continued strategic consolidation as Allwyn navigates early operational challenges, including lower UK sales and earnings in early 2026 that management attributes to ongoing technology infrastructure upgrades.
Hines, which acquired the building on behalf of Hines European Value Fund 2 in March 2020, positioned it as a core West End holding during the London office market's transition. The £195 million exit reflects value creation through leasing execution and the strategic transition of property leadership to an occupying tenant with substantial capital resources and long-term operational presence in the UK market.
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