Deutsche fund invests in London
Grundbesitz Europa, a core, open-end real estate fund sponsored by Deutsche Asset & Wealth Management, has invested in the International Quarter, a large-scale project in London.The sales price was approximately €500 million ($542 million). The sellers were Lend Lease and London & Continental Railways.
The fund has acquired the property that will serve as the future headquarters of the British Financial Services Financial Conduct Authority. The fund will acquire approximately 517,000 square feet of commercial space of the former Olympic site in Stratford, which is one of the biggest real estate project in London with a total development area of about 398,000 square feet and a total expected investment of approximately £2.3 billion ($3.3 billion) currently.
London’s Stratford business district was created for the 2012 Olympics, the central Olympic Park. It is one of the first projects to be completed in the International Quarter.Constru