Office and retail asset in prime City core presents significant long-term opportunity
LaSalle Investment Management ("LaSalle"), the global real estate investment manager, has purchased the freehold interest of 60 London Wall on behalf of an overseas client from Deutsche Fonds Holding AG for £197.5 million.
Deutsche Fonds Holding acquired 60 London Wall as part of the PFM Private Funds Management GmbH (formerly IVG PFM) portfolio last year, after it was purchased for the PFM EuroSelect Zwölf GmbH &Co. KG (EuroSelect 12) real estate fund in 2005.
Constructed in 1991, the building on London Wall and Copthall Avenue, London EC2M, is currently fully-let and provides 261,748 square feet of office, retail and ancillary accommodation with 16 secure basement car parking spaces and bicycle storage facilities. It is occupied by Dutch multinational banking and financial services corporation ING at a passing rent of £42.94 per square foot, but the company will relocate to 8-10 Moorgate when its lease expires in September 2016.
60 London Wall is located in the heart of London's traditional banking quarter within a five minute walk of Moorgate, Liverpool Street and Bank stations, which together, offer connections to six underground lines and the Docklands Light Railway. It will benefit from the opening of Crossrail in 2018 with the new east ticket hall situated just 150 metres from the building and interchanges at Liverpool Street and Moorgate offering rapid links to Heathrow Airport and Canary Wharf.
Gary Moore, LaSalle Investment Management:
"The acquisition is in line with our strategy of importing international capital to London through strategic partnership vehicles. We are looking to identify long-term investment opportunities in areas of strong occupier demand."
LaSalle was advised by Everton Phillips; Deutsche Fonds Holding AG was advised by JLL and CBRE.