Deka Immobilien has acquired an office building in London for GBP 118 million (approx. EUR 135 million). The seller is British real estate company Evans Randall Investors. The property is to be transferred to the Deka-ImmobilienMetropolen open-ended real estate fund.
Bureau, 90 Fetter Lane, is a refurbished contemporary office building with a lettable space of more than 6900 square metres and storage space for 130 bicycles. It is almost fully leased to four tenants under long-term leases. The main tenant is Anheuser-Busch InBev UK, the world's largest brewery group. The property was built in 1980 and underwent extensive modernisation in 2018. It has been certified "Excellent" by BREEAM, the British quality mark for sustainable building. It is situated in London's established Midtown district, one of the most sought-after office locations in London and home to a wide range of companies from various sectors. The property is within walking distance of Farringdon, which has excellent infrastructure and is one of London's most diverse and thriving districts, attracting more and more office tenants, residential projects, high-end restaurants and boutique hotels.
Deka-ImmobilienMetropolen is aimed exclusively at private investors and makes currency-hedged investments worldwide in commercial properties located in dynamically growing metropolitan areas. Target investment markets are chosen using a city selection model based on the long-term drivers of growth — globalisation, urbanisation, ecology and new working environments. This transaction will expand the fund management activities for the Deka-ImmobilienMetropolen portfolio to include a second attractive property in London, and one that boasts a top spot in the overall global ratings.