Property Week - January 16, 2004
The German fund DEGI is set to pay British Land and West LB's joint venture around £170m for 100 New Bridge Street and Watling House at 33 Cannon Street, both in EC4. DEGI had been in talks to buy the buildings before Christmas but, unusually for a German fund, it walked away from the deal. It is understood that changes in DEGI's key personnel caused the hiatus, but the deal is back on again and the two properties are understood to be under offer. The 165,765 sq ft (15,400 sq m) 100 New Bridge Street is the headquarters of law firm Baker & McKenzie. Last year British Land regeared the lease on the building to make it more attractive to investors. Watling House totals 96,880 sq ft (9,000 sq m).
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Saturday, January 31, 2004
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