Deka Immobilien has acquired the “One Rathbone Square” office property in the West End of London, for £375m (€440m). The property has been secured by a joint venture between the open-ended real estate funds, WestInvest InterSelect and Deka-ImmobilienEuropa. The selling party is the British REIT, Great Portland Estates.
Upon completion “One Rathbone Square” will comprise of over 25,000m² of rentable floor space. The office component, some 22,600m² in quantum, will upon completion in March 2017 be leased to Facebook. The property is located centrally within London’s West End, adjacent to Oxford Street. Accordingly, the premises boast excellent communications, including access to Tottenham Court Road Crossrail station, which is due to open in 2019. One Rathbone Square is also expected to attain BREEAM-Excellent status upon completion.
With this acquisition, both funds have been able to further diversify their UK allocation with not only a highly-attractive core investment, but also with the addition of Facebook into their tenant mix under management.
