Deka purchases City of London office for £485m

Deka Immobilien has acquired, off market, the entity that owns Cannon Place in the City of London £485 million ($619.8 million).

It was designed by Foggo Associates, developed by Hines in partnership with Network Rail and London Underground and completed in 2011.  It provides 418,198 square feet of class A office, retail and ancillary accommodation arranged over two basements, ground and eight upper floors.  It is fully let to six office tenants and one retail tenant, including CMS Cameron McKenna, Threadneedle Asset Management, Franklin Templeton, i2 Offices, the CBI and BLME.  The income weighted average unexpired term is in excess of 18.5 years.

In November 2016, Cannon Place achieved full occupancy following the final letting to CMS Cameron McKenna and Deka approached Hines and agreed an off market transaction.