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
Standard Chartered boosts CRE team
11 December 2017 | Singapore | Reporter: Stephanie Palmer
Standard Chartered has named Steven Cranwell as global head of commercial real estate for its global banking business
SoftBank and Compass in ‘largest ever’ US real estate tech investment
08 December 2017 | New York | Reporter: Stephanie Palmer
Real estate technology firm Compass has won $450 million in investment from the SoftBank Vision Fund, in what Compass has called the largest ever real estate technology investment deal in US history
Tristan fund makes first foray into Germany
07 December 2017 | Bonn | Reporter: Stephanie Palmer
The CCP 5 long-life fund, a core-plus fund advised by Tristan Capital Partners, has made its first investment in Germany, acquiring an office complex in Bonn for €35 million
JLL develops UK corporate solutions team
07 December 2017 | London | Reporter: Stephanie Palmer
JLL has named Sue Asprey Price as lead director of its corporate solutions business in the UK, with immediate effect
Link Asset Services appointed as real estate fund administrator
06 December 2017 | London | Reporter: Stephanie Palmer
Warehouse REIT, a specialist warehouse investor managed by Tilstone Partners, has selected Link Asset Services for fund administration
Dutch portfolio sold for €200 million
05 December 2017 | Amsterdam | Reporter: Stephanie Palmer
Patrizia Immobilien AG has sold a portfolio of 61 residential properties in the Netherlands, for around €200 million
Allianz tops off bumper 2017 with Broadway acquisition
04 December 2017 | New York | Reporter: Stephanie Palmer
Allianz Real Estate has acquired a 43 percent stake in 1515 Broadway, New York, a class-A building valued at $1.95 billion