UK: Sales decline in Q1 – largest deal from German investment
In the British commercial investment market, the transaction volume declined in the first quarter by 11% to £10.9bn when compared to the previous year. In London, the decline even reached 30% according to CoStar’s “UK Commercial Property Investment Review”. Secure core properties are in demand as the risk appetite falls. But there are also rays of hope: the number of transactions in all of the UK rose by an astonishing 20% to 1,100. The largest deal was the purchase of the Facebook headquarters in London at Rathbone Square by Deka Immobilien for £435mn. In addition, a mega deal was initiated but not concluded in the same quarter: the sale of the Leadenhall building (the “cheese grater”) to CC Land for £1.15bn, which was first reported by CoStar. German investors invested £663mn in the United Kingdom, which is the second most important market after China and Hong Kong (£923mn).
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