The fund bought the 352,000-sf office block, which is let to WestLB for a further 15 years, from Vincent Tchenguiz's Consensus Group. Bankhaus Woelbern completed the deal within seven days having offered more for the building than IVG Asticus. The Woolgate Exchange attracted interest from other closed-ended German funds, which have been aggressive bidders in the city.
Earlier this year, the fund bought a 50% stake in another city property--paying euro 141 million ($170 million) for the Consensus-owned share in the London Underwriting Centre at Minster Court, EC3. But the deal is the conclusion of Bankhaus's search for a large, income-producing property in London. It was also one of the underbidders for London & Regional's 60 Victoria Embankment, EC4, for euro 378 million ($455 million).
Figures published by Jones Lang LaSalle this week show that city investment deals in the first nine months of 2005 outstrip all of 2004. The report says that euro 8.7 billion ($10.5 billion) worth of property has already been bought in the city, but this is expected to reach euro 10.9 billion ($13.14 billion) by the end of the year.
"The continued global drive for property has helped boost investment. Only the City has the buildings and lot sizes to satisfy demand," says Chris Northam, a director in JLL's city team.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.