Deutsche Asset Management has bought two large office buildings in London’s Southbank area on behalf of its German open-ended real estate funds.
M&G Real Estate sold the assets for around £310m (€353m), Deutsche AM said, “with a top up to be determined”.
The buildings at 2 and 3 Bankside were bought by M&G Real Estate from Land Securities in 2013 for £315m.
James Petit, Deutsche AM’s head of real estate, UK and Ireland, said: “London remains one of Europe’s most attractive markets for real estate investment despite Brexit.”
He said the Bankside properties were two quality buildings in an attractive, emerging location.
“The regeneration of this area is making it one of London’s fastest growing submarkets and an increasing magnet for tenants,” he said.
The two nine-storey buildings were built in 2007 and designed to a ‘very good’ BREEAM rating, have more than 38,500sqm of office, ground-floor retail and higher-floor terrace space.
They are fully let to the Royal Bank of Scotland.
