Deutsche Fonds has sold a London office asset for nearly the same price it paid nine years ago.

The German fund manager sold its 60 London Wall building to LaSalle Investment for £197.5m (€279.3m).

IVG Immobilien’s Private Funds Management, which Deutsche Fonds bought last year, paid a reported £204m for the asset in early 2006.

LaSalle said current tenant ING, which pays £42.92 per sq ft, is due to vacate the 261,748 sq ft property later next year.

The investment manager’s head of strategic partnerships, Gary Moore, said LaSalle was looking for long-term investment opportunities in areas of strong occupier demand.

The building, which includes retail space, is 150 metres from a planned entrance to London’s Crossrail scheme, due to open in 2018.

With the asset potentially vacant next September, LaSalle could look to redevelop and refurbish the property ahead of re-letting.

London’s City district continues to attract capital, with office construction and redevelopment strategies pursued by investors.

Last month, Partners Group said it entered a £200m office scheme at 80 Fenchurch Street.

Demolition and a complete rebuild are scheduled by developer Marick Real Estate, with completion of the 245,000 sq ft scheme due for completion in early 2018.

Cathay Life Insurance last month bought a prime City office asset from a developer owned by Ares Management and Delancey. 

The Taiwanese institutional investor paid £575m for the Walbrook Building.