Ticker

DEKA IMMOBILIEN BUYS HINES’ LONDON CANNON PLACE DEVELOPMENT

Deka Immobilien has acquired, off market, the entity that owns Cannon Place, a landmark development by Hines, for a headline price of £485 million.

Image: Hines
Image: Hines | Deka | Savills

The award winning property is located above Cannon Street Station in the City of London. It was designed by Foggo Associates, developed by Hines in partnership with Network Rail and London Underground, and completed in 2011.

It provides 418,198 sq ft of Grade A office, retail and ancillary accommodation arranged over two basements, ground and eight upper floors. It is fully let to six office tenants and one retail tenant, including CMS Cameron McKenna, Threadneedle Asset Management, Franklin Templeton, i2 Offices, the CBI and BLME. The income weighted average unexpired term is in excess of 18.5 years.

In November 2016, Cannon Place achieved full occupancy following the final letting to CMS Cameron McKenna and Deka approached Hines and agreed an off market transaction.

John Heaver, director at Savills, comments: “This prized landmark, core City of London development has excellent transport links, a rich mix of tenants and unusually long income.”

Ross Blair, Senior Managing Director and Head of Hines UK said, “Hines is incredibly proud of this project which was borne out of high quality architecture and engineering solutions. The development attracted a prestigious occupier line up which is testament to the space created and its location in the heart of the City.”

Savills represented Deka on the acquisition whilst CBRE represented the seller.

Follow ACROSS on

Download

fb-art 150

Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Ticker MORE

London Designer Outlet predicts ‘Summer of Shopping’ as guests flock back to centre in week since reopening

Total sales at London Designer Outlet up +148% as guests rediscover the joy of shopping (against reopening of June ’20).

Hammerson disposes of retail parks portfolio

Hammerson has exchanged unconditional contracts on the portfolio sale of its seven retail park assets to Brookfield for £330m cash proceeds, representing an 8% discount to the 31 December 2020 book value of £357m. This transaction concludes Hammerson's exit from the UK retail parks sector.

Click2Shop: digital innovation in City2, The Mint and Anspach shopping centres in Belgium

AG Real Estate is innovating by developing “Click2Shop”, the first Belgian marketplace platform shared by its shopping centres in central Brussels.

Primark opens at Forum Rotterdam developed by Multi

Primark's new flagship store in Forum Rotterdam, developed and managed by Multi Corporation, has opened its doors. The store, which has created more than 300 new jobs, is Primark’s 21st store in the Netherlands and 392nd globally.

Deutsche Investment acquires Rödertalpark retail park

Deutsche Investment just acquired the Rödertalpark” retail warehouse park of around 15,560 sqm in Grossröhrsdorf (Saxony, Germany) for its latest separate asset pool, “Deutsche Investment – Food Retail I.”

Zalando starts selling second-hand fashion

Young female shoppers like second-hand goods because they are eco-friendly.