18 April 2017
Reporter: Theo Andrew

Deka acquires £485 million London office

Deka Immobilien has acquired Cannon Place from its developers for £485 million, in an off-market deal.

Developed by Hines in partnership with Network Rail and London Underground, the building offers 418,198 square feet of office space, costing approximately £360 million to develop.

The two basement floors offer retail space and residential accommodation, while eight upper floors provide office space, currently let to six tenants.

Fully occupied since November 2016, tenants include CMS Cameron McKenna, Threadneedle Asset Management and Franklin Templeton. The income weighted average unexpected term is 18.5 years.

John Heaver, director at Savills, said: “This prized landmark, core City of London development has excellent transport links, a rich mix of tenants and unusually long income.”

Ross Blair, senior managing director and head of Hines UK, said: “Hines is incredibly proud of this project which was borne out of high quality architecture and engineering solutions. The development attracted a prestigious occupier line up which is testament to the space created and its location in the heart of the City.”

Deka acquired another London property earlier in the year for £375 million, highlighting the German bank’s confidence in London post-Brexit. One Rathbone Square will be home to Facebook.

Deka was represented by Savills and CBRE represented the seller.

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Macquarie-Canada joint venture to take over Land Services Group
18 August 2017 | Adelaide | Reporter: Katherine Brown
Land Services Group has been selected as the preferred bidder for the commercialisation of the South Australian Land Services Group
PERE deals slow in post-Brexit UK
18 August 2017 | London | Reporter: Jenna Lomax
The volume of private equity real estate (PERE) acquisitions in the last twelve months fell by a third following the Brexit referendum, according to intelligence provider Preqin
Aviva welcomes associate director duo
18 August 2017 | London | Reporter: Katherine Brown
Aviva Investors has hired Katie Brown and Chris Wilkinson as asset managers to its real estate team
Capital-rich South Korea lacks real estate supply
18 August 2017 | Seoul | Reporter: Mark Dugdale
South Korea is unable to support the weight of money that its investors have to spend, according to Callum Young of Savills
London pension fund strengthens board
17 August 2017 | London | Reporter: Theo Andrew
The London Pension Fund Authority (LPFA) has appointed Nigel Topping and Barbara Weber to its trustee board, effective immediately
Greystar appoints Jeff Manno to lead Growth Fund
17 August 2017 | Charleston | Reporter: Theo Andrew
Reporting to Chris MacNaughton, Greystar’s head of portfolio management platform, Manno will relocate from London to Charleston, South Carolina
LaSalle shoots for $1 billion Asian real estate fund
17 August 2017 | Chicago | Reporter: Theo Andrew
In its fifth and latest close, LAO V secured $335 million of commitments, meaning the fund is well in line to exceed its initial target of $750 million