Deutsche Bank’s real estate fund has bought two buildings on London’s Southbank in a £310m deal
Deutsche Asset Management (AM) has snapped up two buildings on London’s Southbank in a £310m deal from M&G Real Estate.
Deutsche AM made the deal on behalf of its German open-ended real estate funds which has over $53.6bn (£42bn) worth of assets under management.
Located behind the Tate Modern art gallery, the properties at 2 and 3 Bankside are spread around 38,500 square metres of office space on nine floors. The buildings are fully let with RBSas one of its main tenants.
“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.
M&G Real Estate snapped up the properties in 2013 from Land Securities in a deal worth over £200m.