Deka Immobilien has acquired the entity that owns Cannon Place, EC4, for £485m.
The office building, developed by Hines and Network Rail, is owned by a Jersey-based charitable trust set up by HSH Nordbank, which bought the building in 2013 as part of a restructuring process. Located above Cannon Street Station, the building provides 418,198 sq ft of grade 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.
John Heaver, director at Savills, said: “This prized landmark, core City of London development has excellent transport links, a rich mix of tenants and unusually long income.”
Ross Blair, senior managing director and head of Hines UK, said: “The development attracted a prestigious occupier line up, which is testament to the space created and its location in the heart of the City.”
Savills represented Deka; CBRE advised the seller.
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