Deka buys office development in London for £375m
Deka Immobilien GmbH has acquired an office property under construction in the West End of London for £375 million ($467 million). The seller is Great Portland Estates.
Upon completion One Rathbone Square will comprise more than 270,000 square feet of rentable floor space. The 240,000-square-foot office component will, upon completion in March 2017, be leased to Facebook. The property is located centrally within London’s West End, adjacent to Oxford Street.
One Rathbone Square has been purchased by a joint venture between two open-end real estate funds, WestInvest InterSelect and Deka-ImmobilienEuropa. With this acquisition, both funds have been able to further diversify their U.K. allocation with a highly attractive core investment that adds Facebook into their tenant mix under management.
The U.K. commercial property market appears to have weathered the uncertainty following the Brexit vote. About £8 billion ($9.9 billion) of the £14 billion ($17 billion)