German fund manager DEKA has confirmed it has bought the Moorhouse scheme in the city of London.
As revealed by propertyweek.com it said today it had bought the long leasehold interests in Moorhouse at 120 London Wall from Hammerson and Pearl Assurance, for £229.8m, representing a net initial yield of 6.5% based on purchaser’s costs of 5.7625%.
The building was designed by Foster & Partners and comprises around 326,500 sq ft of office space across 16 floors and retail units over mezzanine, ground and lower ground floors.
The property is fully let to seven tenants including Bayersiche Hypo-Und Vereinsbank, Macquarie Bank, Citidel, Pictet Asset Management and New Look.
The total gross passing rent is £16.36m a year, which equates to about £50/sq ft overall.
John Heaver, director of Savills, said: 'Moorhouse is an extremely high quality asset with striking appearance and prominence in the core of the City of London and multi-let to a variety of prestigious tenants.
'Deka feel strongly that this landmark asset sits well within their portfolio.'
Hammerson was advised by Strutt & Parker.