X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-German closed-ended fund Bankhaus Woelbern has completed the largest city purchase of the year after paying euro 420 million ($505 million) for the Woolgate Exchange in Basinghall Street, EC2.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.