Deka Immobilien, the property arm of Germany's Deka Bank, has acquired the Old Jewry office and retail building in London's financial district for around £80mln (EUR 101.4mln). The nine-storey building was developed by Standard Life Investments and delivered in February. It will be integrated into Deka's European fund Deka-ImmobilienEuropa.
Deka Immobilien, the property arm of Germany's Deka Bank, has acquired the Old Jewry office and retail building in London's financial district for around £80mln (EUR 101.4mln). The nine-storey building was developed by Standard Life Investments and delivered in February. It will be integrated into Deka's European fund Deka-ImmobilienEuropa.
The acquisition comes just three months after Deka bought the office building at 50 Finsbury Square in London for around £ 113mln, also from Standard Life Investments. That purchase followed a three-year break from the London market.
'The acquisition of Old Jewry has enabled us to carry out yet another attractive investment on the London market. The property market in the UK capital currently offers good opportunities for equity-driven buyers,' said Franz Lucien Morsdorf, head of Deka Immobilien.
The office space in Old Jewry is let on a long-term basis to financial services company Fidessa Group. The retail space is occupied by fashion chains Coast, Principles and Warehouse.
