Deka acquires Verde office building in London (GB)

Deka acquires office building in London Victoria (GB)
Deka Immobilien has acquired the Verde office building in London Victoria for an undisclosed amount. The vendors are Tishman Speyer and the Public Sector Pension Investment Board (PSP Investments). The investment is being made as a joint venture between the two open-ended real estate funds WestInvest ImmoValue, a special fund aimed at institutional investors, and Deka-ImmobilienEuropa.
 
The office building was originally built in 1995 and has been comprehensively redeveloped in 2017. The property benefits from a central location and a close proximity to Victoria Station, one of London's most important transport hubs. Verde comprises c. 30,000m² of GLA and is let to 17 institutional tenants on a long-term basis. The building has been certified with a BREEAM rating of "Excellent".
 
With this transaction, the fund management of WestInvest ImmoValue and Deka-ImmobilienEuropa is securing a high-quality and representative property in an up-and-coming London submarket. The quality of the property, the lease terms and the terms and conditions of the purchase agreement take account of the current discussion about Brexit. The funds are thereby developing towards the strategic target allocation ratio.

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