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«Following several years of absence, Commerz Real AG has returned to the UK real estate market. The company marked its comeback with the acquisition of Athene Place in London's Midtown district, the office property being earmarked for its hausInvest europa open-ended property fund. The total investment volume for the property, which has a gross lettable area of 13,775 m², equals approximately 124 million euros.
"The UK has once again developed into an interesting investment market for us," suggests Hans-Joachim Kühl, Member of the Board of Commerz Real AG and in charge of real estate acquisitions, as he elaborates on the renewed commitment. "Our most recent investment in the closed-end fund sector was the Lloyds Building in London in 2005. The last commitment on behalf of hausInvest europa was the acquisition of the Westfield shopping centre in 2004, which was followed by a relatively long period of high price levels and low purchase yields. During this phase we were exclusively active on the selling end. Now, though, market conditions are gradually returning to normal, and we are once again looking at attractive investment opportunities. Weare convinced that London will remain one of the most important markets in Europe."
Athene Place was raised on a plot owned by the City of London in the form of a 99-year ground lease that could be extended into the year 2152. The ground rent is limited to a so-called "pepper corn," that is, the symbolic figure of one Pound Stirling. The office space is equipped with state-of-the-art facilities and features, and is fully let to the Deloitte MCS Limited tax and corporate consulting company through 2027. The ground floor includes gastronomic areas, and these, too, are fully let.
The property derives its architectonic charm from the natural stone cladding and the expansive glazing of its façades. Two brightly lit atriums connect the two wings of the building via a prestigious lobby.
As the name suggests, the high-end office market of Midtown is located in Central London, ensuring superior connectivity to public transportation along with a whole array of location benefits for this property. Not least, Athene Place is part of the well-known "Deloitte Campus," together with other buildings rented by Deloitte». (CS della Società)
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