Deka Immobilien buys Hines’ London Cannon Place development
Deka Immobilien has acquired, off market, the entity that owns Cannon Place, a landmark development by Hines, for a headline price of £485 million.
The award winning property is located above Cannon Street Station in the City of London. It was designed by Foggo Associates, developed by Hines in partnership with Network Rail and London Underground and completed in 2011. It provides 418,198 sq ft of Grade A office, retail and ancillary accommodation arranged over two basements, ground and eight upper floors. It is fully let to six office tenants and one retail tenant, including CMS Cameron McKenna, Threadneedle Asset Management, Franklin Templeton, i2 Offices, the CBI and BLME. The income weighted average unexpired term is in excess of 18.5 years.
In November 2016, Cannon Place achieved full occupancy following the final letting to CMS Cameron McKenna and Deka approached Hines and agreed an off market transaction.
John Heaver, director at Savills, comments: “This prized landmark, core City of London development has excellent transport links, a rich mix of tenants and unusually long income.”
Ross Blair, Senior Managing Director and Head of Hines UK said, “Hines is incredibly proud of this project which was borne out of high quality architecture and engineering solutions. The development attracted a prestigious occupier line up which is testament to the space created and its location in the heart of the City.”
Savills represented Deka on the acquisition whilst CBRE represented the seller.