Deka Immobilien GmbH has bought the Cursitor Building from Aberdeen Standard for £86m.
With the acquisition of this high-quality office building in a prominent location, the fund management team is expanding the portfolio of Deka-ImmobilienGlobal in the United Kingdom to three properties, each located in London's core locations.
CBRE and Savills advised the buyer on this transaction.
28/08/2018 17:32 by Buildington
Aberdeen Asset Management and Endurance Land have instructed Knight Frank to sell the Cursitor Building after completing a deal to lease the majority of the development to WeWork.
Offers in excess of £90m are expected. The price reflects a net initial yield of 4.5%.
WeWork has leased the first to fifth floors at the 65,638 sq ft office block. The serviced office provider has taken a total of 49,212 sq ft on a 20-year lease at an overall rent of £63.50 per sq ft.
The building is now fully let to five tenants within six months of practical completion. It has a passing rent of £4.3m per annum, reflecting £58.64 per sq ft overall.
Read more: Endurance Land enduranceland.com
29/11/2017 17:33 by Buildington