Open-ended fund III started the year as the most acquisitive German investor in the City, completing two deals worth almost £80m.

At Pinners Hall in Old Broad Street (pictured, right), the fund paid £57.25m for the 10,080 sq m (108,500 sq ft) office, developed in 1993. The deal with Merchant Navy Officers' Pension Fund represented a 5.2% yield.

Meanwhile, III has bought 12 Moorgate from Abbey National for £21.15m. The 3,153 sq m (33,941 sq ft) office was redeveloped last year and the deal represents a 6.67% yield.

BH2 acted for Merchant Navy Officers and Knight Frank acted for Abbey National. III was represented by CB Hillier Parker and Müller International on both deals.

Also in the City, Tishman Speyer has bought City Gate House in Finsbury Square from CIN LaSalle for £50m. It is planning to redevelop the block. Jones Lang Wootton acted for Tishman; DTZ Debenham Thorpe acted for CIN.