German investor Deutsche Funds Holding has sold a mixed-use building at 60 London Wall in the City of London to a client of LaSalle Investment Management for £198 mln (€280 mln).
German investor Deutsche Funds Holding has sold a mixed-use building at 60 London Wall in the City of London to a client of LaSalle Investment Management for £198 mln (€280 mln).
Constructed in 1991, the building was bought as part of last year's acquisition of PFM Private Funds Management GmbH (formerly IVG Private Funds).
The 24,250 m2 fully let property was originally purchased by IVG for the Euro Select 12 property fund in 2005.
The mixed-use retail and office asset is mainly leased to Dutch banking group ING which will vacate the property in September 2016.
Euro Select 12 put the asset on the market in December last year for £155 mln.
'The acquisition is consistent with our strategy to bring international capital to London through strategic partnerships. We strive to identify long-term investment opportunities in areas of high user demand,' said Gary Moore of LaSalle Investment Management.
LaSalle was advised by Everton Phillips. Deutsche Funds Holding was advised by JLL and CBRE.