Deka Immobilien buys €500m City asset

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Deka Immobilien has bought The St. Botolph Building in the City for €500m on behalf of its open-ended real estate fund Deka-ImmobilienEuropa, as revealed by Property Week in September.

The purchase was undertaken in alignment with Deka-ImmobilienEuropa’s strategy to increase its portfolio allocation in London, aiming to capitalise on the capital’s “sustainable growth potential”.

The Minerva-developed 13-storey property comprising 558,000 sq ft space was completed in 2010.

This deal follows a huge letting to Jardine Lloyd Thompson that was concluded in June last year, and which filled more than half of the building’s vacant space.

The building was already part-occupied by law firm Clyde & Co, in 136,000 sq ft, and insurance broker Lockton Associates, which has 84,000 sq ft, but Minerva had struggled to let the remaining space at St Botolph’s and the Walbrook. St Botolphs is designed to appeal to occupiers at the cheaper end of the City market, while Walbrook has higher rent aspirations at around £55/sq ft.

It is fully occupied to tenants across the insurance and legal services sector.

Property Week revealed in August that Singapore’s sovereign wealth fund GIC was close to agreeing a joint venture on Blackstone’s £1.7bn half-share of the Broadgate office complex, in the UK’s biggest single asset transaction in history.

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