Deutsche Asset Management’s new global brand DWS is acquiring a 278,000sqft commercial office building in east London from Lendlease and LCR for £240m (€272.4m).
Australia’s Lendlease and the UK government property development company LCR announced the forward sale of the 278,000sqft office building at International Quarter London (IQL) in Stratford to DWS.
IQL is a £2.4bn mixed-use development in Stratford. In 2016, Legal & General Retirement also invested £246m in the ongoing development.
The building being acquired by DWS is located at Redman Place in IQL and is currently under construction.
On completion in 2019, the building will become the new headquarters to both Cancer Research UK and the British Council.
Lendlease and LCR will continue to manage the delivery of the building through the Stratford City Business District (SCBD) joint venture until delivery is complete when management will transfer to DWS.
Lendlease is also acting as development and construction manager and providing capital markets advice to SCBD.
Dan Labbad, the chief executive officer of international operations at Lendlease, said: “Investors’ confidence is buoyed by the decisions of world-leading organisations, such as Unicef and the British Council, to locate their headquarters at IQL.
“Once complete in 2025, IQL will be home to businesses and organisations employing over 25,000 people, as well as incorporating residential properties, shops, restaurants, bars and some unique public spaces.”
David Joy, chief executive of LCR, said: “Today’s announcement marks another important milestone for International Quarter London, Stratford’s new employment hub.
”By 2019, the new neighbourhood will be home to around 6,300 employees working for world-renowned organisations such as Cancer Research and the FCA.”