Member Article

German investment firm snaps up Cannon Place for £485m

Deka Immobilien has announced it has acquired a fully-let City of London office building in an off-market £485m deal.

The German property investor has purchased the entity which owns Cannon Place, the 418,000 sq ft Foggo Associates-designed commercial property which sits above Cannon Street station in the Square Mile.

Developed by Hines as part of a partnership with Network Rail and London Underground back in 2011, the building encompasses grade A office and retail space and achieved full occupancy back in November.

Currently, the office portion of the scheme is let to six tenants, including CMS Cameron McKenna, Threadneedle Asset Management, Franklin Templeton, i2 Offices, the CBI and BLME.

In comments reported by Property Week, Senior Managing Director and Head of Hines UK, Ross Blair, said the developer was ‘incredibly proud’ of the project which had managed to acquire a series of big-name tenants.

He added “The development attracted a prestigious occupier line up which is testament to the space created and its location in the heart of the City.”

Director at Savills, John Heaver, who advised Deka on the deal, commented: “This prized landmark, core City of London development has excellent transport links, a rich mix of tenants and unusually long income.”

CBRE represented the seller in the deal.