German fund Deka Immobilien has secured its second major London office block in the final days of 2019, with the acquisition of 51 Moorgate, EC3, for £62m.
The 46,500 sq ft office block is the UK headquarters of Swedish construction group Skanska, which built and developed the nine-storey property.
The building, close to the Bank of England, was completed in October this year and is set to achieve a BREEAM Excellent rating and WELL certification. Skanska acquired the long-leasehold to 51 Moorgate in an off-market deal in 2015.
Deka said the acquisition was the first for its Deka-ImmobilienMetropolen open-ended retail property fund launched earlier this month. The fund is aimed exclusively at private investors and will invest in currency-protected commercial real estate in cities around the world.
Deka has also just bought the 103,700 sq ft London headquarters of global communications company Publicis Group at 40 Chancery Lane, WC2, for £121.3m – a 4.25% yield – from Derwent London. The purchase of 40 Chancery Lane was made for Deka’s open-ended property fund WestInvest ImmoValue, which is aimed exclusively at institutional investors.
The German fund said it expected to announce two further investments for its new fund shortly.
Savills advised Skanska on the sale of 51 Moorgate.
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