Deka Immobilien, the property arm of Germany's Deka Bank, has acquired 50 Finsbury Square, London from Standard Life Investments for approximately £113mln (EUR 143mln), reflecting a net initial yield of around 5.5%. The acquisition was Deka's first in the UK for almost three years.
Deka Immobilien, the property arm of Germany's Deka Bank, has acquired 50 Finsbury Square, London from Standard Life Investments for approximately £113mln (EUR 143mln), reflecting a net initial yield of around 5.5%. The acquisition was Deka's first in the UK for almost three years.
The landmark freehold building was designed by UK architects Foster & Partners and has approximately 1,180 m2 of high quality office and retail accommodation. The building is let mainly to news agency Bloomberg on a lease expiring June 2020. The passing rent is £6.6mln per annum, Deka said adding that this equates to £575 per m2 for the main office accommodation.
'We are again seeing attractive investment opportunities in first class properties in the most transparent and liquid property market in Europe', said Matthias Danne at Deka Bank. Deka was advised by Savills.
