London and other UK cities are noticeably busier, with domestic as well as German, North American and other global investors seeing value in offices there.
UK Reit Landsec moved for a majority share in the 37-acre media, digital and tech hub MediaCity in Salford, Manchester, paying £425.6 mln for a 75% stake, a 5.8% initial yield. Developer Peel is retaining its 25% holding and the management in the mixed-use development - which also includes residential and more land.
An example of the recent pick up in office sales in London was DWS confirming it has agreed the £440 mln sale of Southbank complex 2&3 Bankside to its tenant.
The German and CEE office markets saw more deals, the biggest in Munich, where the partnership of Imfarr and SN Holding struck again, paying circa €500 mln for the former Postbank complex. The duo have appointed agents to sell another trophy, Frankfurt’s Silver Tower, which they only agreed to buy a year ago.
Another debt fund closed, with LaSalle raising €1.1 bn for LaSalle Real Estate Debt Strategies IV making it the largest fund in its European debt fund series.
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