Deutsche Bank’s asset management arm has sold The Helicon, 1 South Place, London on behalf of one of its funds.
Located in the City of London and built in 1996, the property comprises eight storeys and over 130,000ft² (12,000m²) of office and retail space. Since acquiring The Helicon from Coal Pension Properties Ltd for €139m in 2004, Deutsche Bank’s asset management business implemented an extensive capital works programme in 2013 in which the main reception, central plant, and five office floors were substantially refurbished as part of its business plan followed by a successful letting campaign.
James Petit, head of real estate, UK and Ireland at Deutsche Bank, said: “A buoyant occupier market in the City of London combined with the successful completion of our asset management initiatives suggested timing was right to sell The Helicon”
The UK real estate business of Deutsche Bank’s asset management arm currently holds €5.4bn in AUM, and 60 properties as of September 30, 2015. The business recently acquired the FCA headquarters in Stratford, London for £370m (€480.8m).
