Deutsche Asset & Wealth Management’s real estate investment business today confirmed the purchase of City office block 30 Gresham Street from GIC.
The building has been bought on behalf of Samsung Asset Management for around £310m – a sub-5% yield.
Completed in 2004, the building occupies a 1.4 acre site comprising 403,000 sq ft of Grade A offices and shops, as well as 48 parking spaces.
The property, presently the Commerzbank headquarters, is fully leased to Germany’s second-largest bank until 2028 with an option to lease back three floors in 2013.
This space will be refurbished and marketed to new tenants in September 2013.
James Petit, head of real estate for UK and Ireland at DeAWM said: “The property offers a good balance of secure long-term income along with the opportunity to capitalize on the leasing market and increase the rental income through lease-ups.”
Strutt & Parker acted for GIC; The buyer was unrepresented.
nick.whitten@estatesgazette.com
