The strategic partnership between Aware Super and Delancey, operating under the DARE platform, has rapidly emerged as a major force in the London office market. In just over six months, the duo has acquired three super-prime office buildings in central London, with a combined value of approximately €590m (£500m), making it one of the most prominent investment moves in UK commercial real estate in 2025.
Launched in October 2024 with an initial £1bn (€1.18bn) capital commitment, DARE’s debut acquisitions target high-specification, transit-linked assets aligned with current occupier priorities. The portfolio includes 20 Manchester Squarein Marylebone, now home to Lazard under a 15-year lease, 11–12 Hanover Square in Mayfair, a high-profile mixed-use building near Oxford Street, and most recently, the off-market acquisition of Finsbury Circus House, a 13,900m² premium office asset near Liverpool Street station, purchased from Union Investment.
“These are landmark, prime transactions in a sector where the flight to quality is polarising the market for both occupiers and investors,” said Dan Dawe, Head of Investment at Delancey. “The ongoing market dislocation creates an attractive buying window.”
“Delancey’s combined debt-and-equity strategies provide a 360-degree view of the Central London office market,”added Stafford Lancaster, CEO at Delancey. “Together with Aware Super, we’re building a market-leading portfolio that will deliver strong risk-adjusted returns.”
DARE’s investment thesis is built on flexibility and conviction. While prime offices remain the immediate focus, the platform is also poised to explore stabilised assets, development opportunities, recapitalisations, and even corporate-level deals. “The strengths of this partnership have been instrumental in Aware Super and Delancey seizing the exciting window of opportunity that has opened,” said Mathieu Elshout, Senior Portfolio Manager – Property UK at Aware Super.
“Together, these transactions signal the return of global institutional capital,” said Damien Webb, Head of International and Deputy CIO at Aware Super. “They also signal a new source of attractive risk-adjusted returns for our 1.2 million members in Australia.”
The off-market sale of Finsbury Circus House also represents a strategic shift for Union Investment, which continues to reshape its UK portfolio. “The office segment is re-awakening from its slumber due to very strong fundamentals in the letting markets and a shortage of suitable product,” said Adam Irányi, Head of Investment Management Global at Union Investment. “The sale enables us to strategically optimise our portfolio and minimise future capital expenditure risk.”
“Finsbury Circus House adds additional scale to DARE’s portfolio of prime Central London offices that we are building... Investments of this quality rarely trade,” added Dan Dawe, reaffirming the asset’s role in their long-term strategy. Aware Super’s Elshout noted the building’s ESG potential: “Counter-cyclical investment opportunities like prime central London offices... are critical to delivering strong risk-adjusted returns to our 1.2 million members.”
Union Investment retains a robust UK footprint with €1.9bn in office and hotel assets across London, regional cities, and Dublin. With a local team in place since 2022 and plans to expand into UK residential real estate, it remains active in one of Europe’s most dynamic markets. “The high quality of the building and its exceptional location next to Liverpool Street station were key factors in attracting the calibre of buyer that we were able to,” said Miles Skinner, Head of Investment Management, UK and Ireland.
People mentioned:
Adam Irányi – Head of Investment Management Global, Union Investment
Miles Skinner – Head of Investment Management, UK and Ireland, Union Investment
Dan Dawe – Head of Investment, Delancey Real Estate
Mathieu Elshout – Senior Portfolio Manager, Property – UK, Aware Super
Companies mentioned:
Union Investment – Seller, real estate investment manager
Delancey – Buyer (via DARE JV), UK investment and development firm
Aware Super – Buyer (via DARE JV), Australian superannuation fund
Travers Smith – Legal advisor to buyers
CBRE – Advisor to buyers
DLA Piper – Legal advisor to seller
JLL – Advisor to seller
Image Source: Finsbury Circus House - Union Investment
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