Deka Immobilien has completed the acquisition of the 'Stirling Square' office building in London's West End for its open-ended real estate fund WestInvest InterSelect. The property is located in the exclusive St. James’s sub-market, one of the most prestigious locations in the British capital. The vendor of the property is a fund managed by Tristan Capital Partners and Greycoat. Details of the purchase price are not publicly known.
The detached building was designed by architect Sir James Stirling and is characterised by its postmodern architecture. It comprises approximately 8,700 square metres of rental space, spread over seven floors. The property, built in 1999, underwent extensive renovations in 2016 and 2022 to adapt it to modern standards. The property is currently fully and long-term let to four companies, which underlines the stability of the income situation.
Location and Facilities
The St. James’s location is one of London's most exclusive districts. The sub-market is known for its historic buildings, luxurious retail outlets, and first-class dining establishments. Piccadilly Circus underground station is within a few minutes' walking distance from the property. A special feature of the property is the terraces on the upper floors, which offer views of Buckingham Palace and the surrounding parklands.
With this acquisition, the fund management of WestInvest InterSelect is taking the opportunity to secure a high-quality, detached, and fully let property in a prime London location. The management also sees potential for rental increases in the property. The transaction enables the fund to strategically reinvest inflows and sales proceeds, thereby expanding its portfolio with an established office property in a key region.
