Family Office Real Estate

German biotech billionaires behind London club redevelopment deal

A family office connected to German biotech entrepreneurs has bought a building in central London for redevelopment. The building used to house one of the premier clubs for the creative industries in the city.  

In London’s Covent Garden, the building was the base of the Hospital Club, or as it was later known as the H Club, which closed down in 2020 because of the Covid-19 pandemic. The club was popular with workers in the city’s creative industries and the band Radiohead recorded one of their albums in the music studios at the club. 

Buying the Victorian building on Endell Street was AM Alpha, a Munich-based real investment group, for its client, WE-Holding. 

WE-Holding operates from the exact same address in a suburb of Munich as 1st Capital Partner, which like AM Alpha is owned by German real estate billionaire Wolfgang Egger. But Family Capital understands that all these groups are backed by Thomas and Andreas Strüngmann. 

The Strüngmann brothers founded generic drug maker Hexal and backed the hugely successful biotech group BioNTech, which is behind one of the main Covid-19 vaccines. They are among Europe’s wealthiest individuals, each worth more than $18 billion. 

The redeveloped Covent Garden building will house the UK offices of Patrizia, the listed real estate business owned by Egger, which is currently based in Knightsbridge.  

The various real estate investment groups owned by Egger and the Strüngmann brothers have been very active in the sector during the pandemic, including buying a wine warehouse in South Australia early this year. 

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