Tishman Speyer and PSP Investments have completed the sale of the Verde office block in Victoria, SW1, to Deka for £455m – a yield just above 4.6%.
Tishman Speyer bought the 258,000 sq ft office building from Landsec in 2012 in a joint venture with PSP Investments, expanding it to 318,000 sq ft over the following five years.
Verde was fully let in March, and the joint venture partners later appointed GM Real Estate and Eastdil Secured to advise on its sale. The price Deka paid fell short of the £500m EG reported the sellers were seeking for the building.
This is Tishman Speyer’s latest major sale, having sold the Omniturm Tower in Frankfurt to Commerz Real earlier this month.
However, it is still deploying capital into market having just closed its €750m (£669m) Tishman Speyer European Venture VIII fund, which is a value-add fund buying in core markets such as London, Paris Frankfurt and Madrid.
It made its first acquisition in July, purchasing the Monteburgos office development project in Las Tablas, Madrid with Metrovacesa.
Dan Nicholson, managing director of Tishman Speyer UK, said: “This sale marks a further milestone for Tishman Speyer in the London office market, a success story which began over 20 years ago. It is also another fine example of our continuing and fruitful global relationship with PSP Investments.”
Savills and CBRE advised Deka.
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