LaSalle Investment Management has purchased the freehold interest in 60 London Wall on behalf of an overseas client. The confirmation of the acquisition comes in a joint statement from LaSalle and the vendor Deutsche Fonds Holding AG.
The global real estate investment manager paid £197.5 million for the prime City office and retail asset which provides 261,748 sq ft of office, retail and ancillary space which is fully let.
It is currently occupied by Dutch banking and financial services corporation ING at a passing rent of £42.94 per sq ft, although the company is due to relocate to 8-10 Moorgate when its lease expires in September of next year.
The property, constructed in 1991, is located at the heart of London’s banking quarter within a five minute walk of Moorgate, Liverpool Street and Bank Stations, which together provide connections to six underground lines and the DLR.
The location’s connectivity will be further enhanced by the arrival of Crossrail in 2018, with the new ticket hall situated just 150 metres from 60 London Wall, and the Liverpool Street and Moorgate interchanges providing rapid links to Heathrow and Canary Wharf.
Gary Moore, of La Salle, said: “The acquisition is in line with our strategy of importing international capital to London through strategic partnership vehicles. We are looking to identify long-term investment opportunities in areas of strong occupier demand.”
LaSalle was advised by Everton Phillips. Deutsche Fonds Holding was advised by JLL and CBRE.
