Mitsubishi Estate Company has completed its purchase of 6-8 Bishopsgate, EC2.
MEC paid £95m for the 146,879 sq ft City tower, reflecting a yield of 7%. Deutsche Bank occupies the 20-storey tower on two leases, which expire in June 2015 and December 2015. The German bank has recently been consolidating more staff into the building.
The building, which was previously owned by clients of Jesta Capital, was put into receivership and brought to the market in March.
MEC’s new UK managing director, Hiroyuki Arimura said: “This building is in a prime location in the core of the City of London and the strategically important eastern cluster for tall buildings.
“It is particularly attractive because it has significant active asset management opportunities either through lease re-gearing and refurbishment and extension in the shorter term, or redevelopment in the medium term.”
Cushman & Wakefield advised MEC; Jones Lang LaSalle acted for the vendor.
james.buckley@estatesgazette.com
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