DTZ Investors spends £73.3m on London office asset

DTZ Investors has bought a central London office property from Land Securities, its biggest deal to date.

The company said it paid £73.3m (€92.5m) for 47 Mark Lane in the UK capital’s City district.

The acquisition increases DTZ’s assets under management to £4.56bn, with £280m still left for allocation to direct property on behalf of clients.

DTZ Investors fund manager Kevin O’Connor said the property was the type of asset the company was looking for in a “strong growth area”.

The 105,000sqft asset includes office and retail space and is let to AXA Insurance and IBM, as well as food and beverage companies at ground floor level.

Annual rents on the asset are £2.9m.

UK REIT Land Securities gave the property a market value range of £50m to £100m on its website, with its last refurbishment in 2010.

Last month, DTZ rebranded its European investment management arm to DTZ Investors and recruited new staff.

The newly named company combines DTZ’s existing investment and asset management divisions.

Chris Cooper, formerly head of UK investment management and now chief executive at DTZ Investors, said the company’s business had grown over the past five years, with 100 staff on board.