INDUSTRY NEWS

German fund to bid for City office scheme

German fund manager Deka could become the next overseas owner of commercial property in the City of London.

Property Week has reported it is believed to have agreed to buy Hammerson and Pearl Assurance’s Moorhouse office scheme.

The building, designed by Foster & Partners, comprises 305,000 sq ft and was completed in 2004.

Should the deal go through the new owners will join fellow nationals, Signa Deutschland, and other German funds interested in property in London.

Signa recently went under offer on the UBS owned Milton Gate building. Bought in 2005 for £50 million, it was marketed in May at £172 million, a price that may have dropped considerably since, Property Week reported.

According to a global property review by Real Capital Analytics, the German market was hardest hit by the credit crunch, it saw sales fall 65 per cent.ADNFCR-1329-ID-18730117-ADNFCR

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