Deka Immobilien £485 million acquisition of Cannon Place

Overview:

• Deka Immobilien Investment has acquired Cannon Place in London from Hines for £485 million.
• Cannon Place is a 418,000 square foot office building in central London that sits above Cannon Street station.
• The sale came about following the merger of CMS, Olswang and Nabarro. CMS had occupied part of the office space, but with the additional lawyers added following the merger now plan to occupy the whole building.
• According to CoStar, in the last year, Union Investment, CC Land and Fubon Life had all show interest in acquiring the building.
• The deal follows the £435 million acquisition in February of Rathbone Square by Rathbone Place Jersey, a joint venture between Deka and WestInvest Gesellschaft Für Investmentfonds

Sam Duke - Editor