Deka Immobilien completes £118m Holborn office buy

Deka Immobilien has bought the London headquarters of brewer AB Inbev from Evans Randall Investors in a £118m deal. The German asset manager’s acquisition of the Bureau building at 90 Fetter Lane, EC4, comes six years after Evans Randall bought the site in a joint venture with Stars REI for £47m in 2015. Since then, the investor has carried out a wide-ranging revamp of the 1980s block and slightly increased its floorspace to 75,000 sq ft. Paul Hastings advised Evans Randall on the sale. The deal coincides with the letting of the building’s first floor to existing occupier Miniclip, an online games developer, meaning all floors are now occupied. While AB Inbev anchors the building on a combination of 10- and 15-year leases, Miniclip had already signed for the second floor last summer. Rents at the site are £80 per sq ft on best space, and £72.50 per sq ft overall. Evans Randall managing director James Edwards said the sale was “a welcome endorsement for London and office working in high-quality buildings”. He added: “Throughout a challenging political and economic environment, to be able to navigate these obstacles and deliver against the strategy, creating such a high-quality asset, has been very rewarding for ourselves and our partner Stars REI.” The deal will come as further encouragement to investors that London’s office market is coming back to life, and follows a string of high-value deals across the City and West End. Last month, Private equity giant Brookfield bought Plantation Place at 30 Fenchurch Street, EC3, for £635m, in the biggest office deal since the pandemic emptied the City. Weeks prior, Union Investments bought BT’s Aldgate headquarters at 1 Braham Street, E1, for £429m. Compare with other recent investment deals in Holborn >> To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews Photo by Matt Livey