Deutsche Asset Management, the real estate arm of Deutsche Bank, has acquired office buildings 2 & 3 Bankside on London's Southbank from M&G Real Estate for around £310 mln (€353 mln), with a still-to-be-determined top-up.
The 38,500 m2 asset, which comprises offices and ground floor retail, was acquired on behalf of its German open-ended real estate funds.
Designed to a 'Very Good' BREEAM rating, both nine-storey properties are fully let with the Royal Bank of Scotland as the main tenant.
'London remains one of Europe's most attractive markets for real estate investment despite Brexit,' commented James Petit, head of real estate, UK and Ireland for Deutsche AM. 'Bankside are two quality buildings in an attractive, emerging location. The regeneration of this area is making it one of London’s fastest growing submarkets and an increasing magnet for tenants.'
Deutsche AM's real estate business currently holds €51 bn globally in assets under management as of 31 March, 2017.
