MEC acquires Deutsche Bank's City of London base

Mitsubishi Estate Company (MEC) has acquired a 13,645-m² tower let entirely to Deutsche Bank in the City of London. The investment volume was not disclosed.

The transaction follows Deutsche Bank's sale of its two-tower Frankfurt headquarters to a vehicle managed by its DWS closed-end fund management unit for EUR 600 mln earlier this year.

MEC is one of Japan's largest property development and investment companies. Deutsche Bank occupies the 20-storey tower at 6-8 Bishopsgate on the basis of two leases which expire in June 2015 and December 2015 respectively. The German bank has recently been consolidating more staff into the building.

Cushman & Wakefield advised MEC and Jones Lang LaSalle advised the vendor.

MEC's new UK managing director, Hiroyuki Arimura said: 'This building is in a prime location in the core of the City of London and the strategically important Eastern Cluster for tall buildings. It is particularly attractive because it has significant active asset management opportunities either through lease re-gearing and refurbishment and extension in the shorter term, or redevelopment in the medium term.'

In partnership with Legal & General, Mitsubishi Estate Company has just fully let the office element of its 46,450-m² mixed-use development Central Saint Giles near the popular Covent Garden district of London’s West End.