Deka acquires Bristol offices for £31m

German fund manager purchases Temple Quay headquarters of international law firm

Article posted: 20 Apr 2011

Deka Immobilien has purchased office space in Bristol’s Temple Quay for £31m from SEB Asset Management.

The property comprises 87,510 sq ft of office accommodation over five floors and is the headquarters of international law firm Osborne Clarke, which also has offices in Reading, Berkshire and the City of London.

SEB Asset Management acquired the building in 2009 from Invista Real Estate Investment Management for £27.8m and has achieved more than the most recently determined market value for the property. It is understood that SEB plans to reinvest the sale proceeds in Warsaw in the near future.

Commenting on the acquisition, Thomas Chmengler, Managing director of Deka Immobilien, said: "For our special property funds and individual funds we are increasingly looking for first-class property in secondary cities."

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Posted by Sara