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Deka Immobilien acquires office property in London

Cannon Place
Deka Immobilien GmbH has secured a further high quality real estate asset in London. The fully-let core office building known as Cannon Place is under contract for a „headline price“ of €573 million (GBP 485 million). Hines were the developer in partnership with Network Rail and London Underground. The asset will be held under a joint venture structure between the open-ended real estate mutual funds Deka-ImmobilienGlobal and WestInvest InterSelect.
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Deka Immobilien GmbH
Hines
London


Cannon Place was completed at the end of 2011 and offers close to 39,000 m² of leasable space in the heart of the City of London, directly above Cannon Street Station. The building offers generous floor plates that can be custom partitioned, thus offering particularly efficient spaces for occupiers. It is fully leased under long-term agreements to seven tenants, with the law firm of CMS Cameron McKenna anchoring the building. The average weighted lease term comprises approximately 19 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. Through this acquisition, the funds are able to secure a contemporary property in a prime location with long term leases that promise a consistently stable income stream.

Ross Blair, Senior Managing Director and Head of Hines UK said, „Hines is incredibly proud of this project which was borne out of high quality architecture and engineering solutions.  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 on the acquisition whilst CBRE represented the seller.