Germany's Defo has made its first acquisition in London with the purchase of the 1 Plough Place office and commercial building for around EUR 44 mln. Defo, which is part of Union Investment, said the acquisition allows it to take advantage of the profitable exchange rate and of opportunities that have arisen in the country from the credit crunch. The London property is fully let to the Big Lottery Fund through 2021 and provides a total area of 5,600 m[sup]2[/sup]. The seller was troubled UK investment group New Star.
Germany's Defo has made its first acquisition in London with the purchase of the 1 Plough Place office and commercial building for around EUR 44 mln. Defo, which is part of Union Investment, said the acquisition allows it to take advantage of the profitable exchange rate and of opportunities that have arisen in the country from the credit crunch. The London property is fully let to the Big Lottery Fund through 2021 and provides a total area of 5,600 m2. The seller was troubled UK investment group New Star.
Savills acted for Defo in the transaction.
Additionally, Defo has sold two assets in Hamburg for an undisclosed amount. The two properties belonged to Defo since 1992 and 1986, it said. The Amicus building was sold in line with market value to the Spanish investor Banif Immobiliario, part of Grupo Santander. The second property - an office and residential building - was sold to a German private investor for a price above market value. Collier Grossmann & Berger acted for Defo.
The company recently expanded its portfolio abroad with the purchase of a shopping centre in Göteborg, Denmark. Other investments abroad are planned for 2009, it said.
