German investor TMW Pramerica Property Investment, on behalf of its TMW Immobilien Weltfonds unit, has entered London with the acquisition of the 85 Fleet Street office building for some £85 mln (EUR 107 mln). The nine-storey building has 9,000 m[sup]2[/sup] of office space mostly let to law firm Fullbright & Jaworski. The firm occupies 45% of the space with a lease running until 2027.
German investor TMW Pramerica Property Investment, on behalf of its TMW Immobilien Weltfonds unit, has entered London with the acquisition of the 85 Fleet Street office building for some £85 mln (EUR 107 mln). The nine-storey building has 9,000 m2 of office space mostly let to law firm Fullbright & Jaworski. The firm occupies 45% of the space with a lease running until 2027.
TMW's CEO Sebastian Lohmer said the investment was a result of the price correction in the London market after the onset of the credit crunch. 'During the past years, London was too expensive for us; that’s why we never invested there before,' he said.
