Deutsche Fonds has sold a London office asset for nearly the same price it paid nine years ago.
The German fund manager sold its 60 London Wall building to LaSalle Investment for 拢197.5m (鈧�279.3m).
IVG Immobilien鈥檚 Private Funds Management, which Deutsche Fonds bought last year, paid a reported 拢204m for the asset in early 2006.
LaSalle said current tenant ING, which pays 拢42.92 per sq ft, is due to vacate the 261,748 sq ft property later next year.
The investment manager鈥檚 head of strategic partnerships, Gary Moore, said LaSalle was looking for long-term investment opportunities in areas of strong occupier demand.
The building, which includes retail space, is 150 metres from a planned entrance to London鈥檚 Crossrail scheme, due to open in 2018.
With the asset potentially vacant next September, LaSalle could look to redevelop and refurbish the property ahead of re-letting.
London鈥檚 City district continues to attract capital, with office construction and redevelopment strategies pursued by investors.
Last month, Partners Group said it entered a 拢200m office scheme at 80 Fenchurch Street.
Demolition and a complete rebuild are scheduled by developer Marick Real Estate, with completion of the 245,000 sq ft scheme due for completion in early 2018.
Cathay Life Insurance bought a prime City office asset from a developer owned by Ares Management and Delancey.
The Taiwanese institutional investor paid 拢575m for the Walbrook Building.
