DWS, formerly Deutsche Bank Asset Management, has purchased an office project at Stratford's International Quarter London (IQL) from Lendlease and LCR for a reported £240 mln (€273 mln).
The asset, dubbed S9, comprises 278,000 ft2 (25,800 m2) of space at Redman Place and is majority let to Cancer Research UK and the British Council.
'Investors' confidence is buoyed by the decisions of world-leading organisations, such as Unicef and the British Council, to locate their headquarters at IQL,' said Dan Labbad, CEO international operations at Lendlease.
Lendlease and LCR will continue to manage the delivery of the building through the Stratford City Business District (SCBD) joint venture until the project is complete, when management will transfer to DWS. Lendlease is also acting as development and construction manager and providing capital markets advice to SCBD.
The £2.4 bn IQL development between Lendlease and the Department for Transport's LCR will deliver in total around 4,000,000 ft2 of Grade A office space, 333 residential units and community facilities across a 22-acre site.
'Once complete in 2025, IQL will be home to businesses and organisations employing over 25,000 people, as well as incorporating residential properties, shops, restaurants, bars and some unique public spaces,' concluded Labbad.
