German fund manager Deka Immobilien said on Wednesday it has sold the St James House office property in London for around EUR 53.5 mln to UK insurer Standard Life. The closing of the transaction took place on 1 July. Deka acquired the property in March 2003 for around EUR 45.5 mln for one of its specialist property funds.

German fund manager Deka Immobilien said on Wednesday it has sold the St James House office property in London for around EUR 53.5 mln to UK insurer Standard Life. The closing of the transaction took place on 1 July. Deka acquired the property in March 2003 for around EUR 45.5 mln for one of its specialist property funds.

Built in 1930, St James House comprises 3,317 m2 of office space and is fully let to Jeffries International Limited

Deka said the disposal is the third in three months to be concluded at a price above the book value. Earlier this month, Deka sold an office property in the centre of Düsseldorf for about EUR 97 mln. The name of the buyer was not disclosed.

Last month, Deka sold the fully-let office property Eugene Investment & Securities Building in Seoul, South Korea for around EUR 123 mln. The building was acquired by the Korean Public Officials Benefit Association (CEO Ki Chan KOO), a semi-governmental fund company which manages the pension funds of civil servants. The price for the property was around 30% higher than the most recent appraised value of approximately EUR 95 mln.