DWS, the European fund manager that is formerly known as Deutsche Bank Asset Management, has acquired an office project in the International Quarter London (IQL) of Stratford in a deal that amounted to £240 million.
The building that is 278,000 square feet (sq ft) is a part of a £2.4 billion mixed-use development site in Stratford, London. It currently comprises completed residential towers and has already pre-let more than one million sq ft of office space.
The property will be constructed by the end of the coming year. It was sold by LCR and Lendlease who run the site in a joint venture development.
The chief executive of international operations at Lendlease, Dan Labbad, stated: “Whether it be the sporting facilities, educational institutions clustered around Here East, or the East Bank – the Mayor of London’s initiative for the arts – this area of the capital is being totally transformed. Investors’ confidence is buoyed by the decisions of world-leading organisations, such as Unicef and the British Council, to locate their headquarters at QL.”
Labbad continued: “Once complete in 2025, IQL will be home to businesses and organisations employing over 25,000 people, as well as incorporating residential properties, shops, restaurants, bars and some unique public spaces.”
The chief executive of LCR, David Joy, stated: “Today’s announcement marks another important milestone for International Quarter London, Stratford’s new employment hub. By 2019, the new neighbourhood will be home to around 6,300 employees working for world-renowned organisations such as Cancer Research.”