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Two European offices sell for €631m

by Andrea Waitrovich

In separate deals, two office properties were sold with a total sales price of €631.1 million ($678.9 million).

In London, Helical exchanged contracts on the purchase of The Bower development at 207 Old St. and 211 Old St. for £248 million ($380 million). The seller was a joint venture company owned by Helical and an affiliate of Crosstree Real Estate Partners.

Crosstree has agreed to acquire the joint venture’s retail property located at 183–213 Old St. for £23 million ($35 million). And the joint venture announced the £20.65 million ($31.63 million) sale of Empire House, a hotel asset, to Standard Life Investments Long Lease Fund.

The second European office transaction is The Bank property in Amsterdam, which has been acquired by Deka Immobilien for €275 million ($296 million). The property is being purchased on behalf of open-end real estate fund Deka-ImmobilienEuropa. The property was sold by a Dutch family

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