RREEF snaps up London's Park House for EUR 180m

RREEF Real Estate, the real estate investment management business of Deutsche Bank's Asset Management division, said on Thursday that it has acquired Park House at Finsbury Circus in London on behalf of one of its German open-ended funds, Grundbesitz Europa, for £150 mln (EUR 180 mln). The seller is investment manager Prupim.

This prime asset, located in London’s City, comprises 195,000 sq ft (18,000 m2) of office and retail accommodation. It was redeveloped in 2008 to provide full specification offices around a full height atrium behind listed façades.

The property is occupied by high-profile City tenants including Bloomberg, Cisco Systems, City Index and Brown Brothers Harriman and provides an average lease term of over seven years.

James Petit, head of UK for RREEF Real Estate, said the transaction was closed 'in just four weeks'.

RREEF Real Estate has acquired over £1 bn of property in the UK over the past five years, and over £450 bn in 2011 on behalf of its clients around the world.