German fund manager Hanseatic Funds has placed Ignis Asset Management’s 5 Chancery Lane in London under offer for around £49m at a yield of 6.6%.

It is thought that the German fund manager is due to exchange on the deal within the next few days.

Hanseatic was founded by two ex Union Real Estate directors Michael Montebaur and Rolf Zarnekow last September. It is based in Hamburg. Montebaur, who was responsible for growing Union’s international business and was one of the four members of the Union management board worked at Union for 15 years before setting out on his own. Zarnekow was Union’s head of asset management for core markets.

Drivers Jonas advised Ignis and Savills advises Hanseatic Funds.