Deutsche Asset Management has acquired the landmark office buildings 2 & 3 Bankside in London’s Southbank on behalf of its German open-ended real estate funds for around €353m (£310m) with a top up to be determined.
Built in 2007 to a high specification, the buildings comprise over 38,500 m² of office, ground floor retail and higher floor terraces with views across London. Designed to a ‘Very Good’ BREEAM rating, both nine-storey properties are fully let with the Royal Bank of Scotland as the main tenant. The seller is M&G Real Estate, one of the UK’s largest real estate property investors.
Bankside is situated behind the well-known Tate Modern gallery in the Southbank district which is one of the capital’s leading centres for culture and home to some of London’s most iconic tourist attractions. Strong transport links, new office developments and a vibrant retail and leisure precinct have combined to attract a high profile and diverse mix of tenants to the area.
“London remains one of Europe’s most attractive markets for real estate investment despite Brexit,” said James Petit, Head of Real Estate, UK and Ireland for Deutsche Asset Management, “Bankside are two quality buildings in an attractive, emerging location. The regeneration of this area is making it one of London’s fastest growing submarkets and an increasing magnet for tenants,” said Petit.
