Deka snaps up €135m London office from Evans Randall

Deka Immobilien has inked the off-market acquisition of the Bureau office building in London for £118 mln (€135 mln) on behalf of its Deka-ImmobilienMetropolen open-ended real estate fund. The seller is UK real estate company Evans Randall Investors.

Located at 90 Fetter Lane, Bureau is a refurbished contemporary office building with a lettable space of more than 6,900 m2 and storage space for 130 bicycles. It is almost fully leased to four tenants under long-term leases. The main tenant is Anheuser-Busch InBev UK, the world's largest brewery group.

The property was built in 1980 and underwent extensive modernisation in 2018. It is situated in London's established Midtown district, and boasts an Excellent rating under BREEAM standards.

The sale of the building coincides with the letting of the first floor to Miniclip, the world’s largest privately owned online gaming website, which signed for the second floor of the building in June 2020. Bureau’s office accommodation is fully let at £80 psf on best space and £72.50 overall.

Evans Randall Investors acquired the building in a joint venture with Stars REI in November 2015 for £47 mln and undertook an extensive transformation, significantly increasing the NIA of the building to 75,000 sq ft and redefining it from a dated 1980s block into a highly contemporary prime office space.

James Edwards, managing director at Evans Randall Investors, said: 'This sale is a welcome endorsement for London and office working in high quality buildings, and Bureau is a great example of the investment, development and asset management expertise we bring to the table. Throughout a challenging political and economic environment, to be able to navigate these obstacles and deliver against the strategy, creating such a high-quality asset, has been very rewarding for ourselves and our partner Stars REI.'
Deka-ImmobilienMetropolen is aimed exclusively at private investors and makes currency-hedged investments worldwide in commercial properties located in dynamically growing metropolitan areas. This is the second London acquisition for the fund.

Evans Randall Investors was advised on the sale by Paul Hastings.


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