German real estate firm snaps up central London office in £121.3m disposal deal

Property specialist Derwent London has announced the £121.3m sale of its long leasehold interest in the centre of London.

The firm has exchanged contracts to sell 40 Chancery Lane to German real estate company Deka Immobilien.

The building, which was completed in 2015, comprises eight floors of office space, a retail unit of 4,400 sq ft and a public courtyard.

Totalling 103,700 sq ft of space, the building is currently let to Publicis Groupe until July 2035.

Paul Williams, chief executive at Derwent London, commented: “The disposal of 40 Chancery Lane typifies Derwent London’s strategy of recycling mature assets.

“The proceeds will be reinvested into our substantial development programme as well as providing more headroom for new acquisitions and future pipeline projects.”

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.