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London, 11th January 2013 - Scottish Widows and TIAA-CREF have confirmed the sale of Five Aldermanbury Square in the City of London to German Fund Manager Deka Immobilien Investment GmbH.
The landmark building, designed by Eric Parry Architects and developed by the vendors in 2007, comprises 276,500 sq ft of office, retail and ancillary accommodation over basement, ground and eighteen upper floors. The property is multi-let with an annual income in the order of £14 million and an average weighted unexpired term of just under 11 years.
The property is held long leasehold from the City of London for an unexpired lease term of 145 years.
Deka Immobilien acquired the long leasehold interest from SWIP and TIAA-CREF in an off market transaction.
Jones Lang LaSalle and GM Real Estate advised Scottish Widows and TIAA-CREF. Savills advised Deka Immobelien.
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