RREEF, the real estate investment management business of Deutsche Bank's Asset Management division, has acquired two properties in the UK on behalf of its German spezialfonds for a total of £43 mln (EUR 49 mln). Terms of the transactions were not disclosed.
RREEF, the real estate investment management business of Deutsche Bank's Asset Management division, has acquired two properties in the UK on behalf of its German spezialfonds for a total of £43 mln (EUR 49 mln). Terms of the transactions were not disclosed.
RREEF acquired Lateral, a five-story, 97,000 sq ft (9,000 m2) office building on City Walk, Leeds, for £24 mln. Developed in 2005, Lateral is let to the Secretary of State for Communities & Local Government on two separate leases with an average length of 8.5 years. DTZ acted as LPA receiver and Montagu Evans acted on behalf of RREEF.
The company also bought St Mary's shopping centre in Market Harborough, Leicestershire, for £19 mln. St Mary's is a 55,000 sq ft town centre scheme with 28 units. It was developed in the 1990s and provides the main thoroughfare between the dominant town centre supermarket and its traditional high street. Tenants include Argos, Boots, Wilkinsons, Bon Marche, Specsavers, Costa Coffee, Greggs, Holland and Barrett and Pizza Express. Jackson Criss acted on behalf of RREEF and Jones Lang LaSalle acted on behalf of the vendor.
'Both of these assets are ideal acquisitions for our German spezialfonds clients due to their locations, lot sizes, rental incomes and opportunity to enhance returns through asset management initiatives,' said James Petit, head of RREEF UK. 'Our core clients in both Germany and Asia Pacific have a strong appetite for well located assets in the UK and we continue to identify compelling investment opportunities on their behalf.'
