German quoted property company Stodiek Europa Immobilien, has made its first purchase in London, buying a building in the City from Axa Equity & Law for £12.5m.
The 3,300 sq m (35,500 sq ft) office building on New Broad Street, EC2, is let to merchant bank Deutsche Bank Morgan Grenfell.
Conrad Ritlbat and Brussels-based Cetim acted for Stodiek while Jones Lang LaSalle advised the vendor.
Stodiek Europa is a subsidiary of IVG Holding, and owns about ¬153.4m (DM300m) of property. It has set itself the goal of building a pan-European portfolio worth more than ¬511m (DM1bn) during the next two years.
Separately, IVG Holding is also expanding its European exposure and is in the midst of a takeover bid for Asticus, the Swedish company that owns properties in London, Brussels and Paris. If the bid succeeds, some of the Asticus properties could be transferred to Stodiek.
German open-ended fund BfG has also been active in the City. It paid Real London Properties £17.3m for a 40,000 sq ft (3,678 sq m) building on Lombard St, let to serviced office provider Regus, reflecting a net initial yield of 7%. GVA Grimley acted for BfG and Lewis & Partners represented Real.
EGi News 31/03/99
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