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http://www.propertyweek.com/news/deutsche-bank-offloads-helicon/5079094.article

05/02/2016

Deutsche Bank offloads Helicon

Deutsche Bank’s asset management real estate business has sold The Helicon, in the City of London, on behalf of one of its funds for about £140m, representing a yield of 4.5%.

Property Week understands the buyer was Hong Kong-listed China Overseas Land and Investment although the German bank declined to confirm this or the price.

The eight-floor building, on 1 South Place,  on Finsbury Pavement, comprises office and shop space over 130,000 sq ft.

The German bank’s asset management arm has undertaken substantial refurbishment work since acquiring The Helicon in 2004.

This saw it refurbish the main reception, central plant and five office floors, followed by a letting campaign which saw it re-let to firms including Experian and Tradedoubler.

James Petit, head of real estate, UK and Ireland at Deutsche Bank, said: “A buoyant occupier market in the City of London combined with the successful completion of our asset management initiatives suggested timing was right to sell The Helicon.”

The UK real estate business of the bank’s asset management arm held €5.4bn (£4.1bn) in assets under management and 60 properties as of the end of last September.

It bought the Financial Conduct Authority headquarters in Stratford, east London, for £370m last month, which it forward funded.



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