TMW: Weltfonds investing in London for the first time
For its TMW Immobilien Weltfonds, TMW Pramerica Property Investment has invested in Great Britain for the first time. The 85 Fleet Street office building in the City of London was acquired for some £85mn (ca. €107mn). The nine-story building has 9,000 sqm of usable area. The anchor tenant, occupying around 45% of the office space with a lease that runs until 2027, is the Fullbright & Jaworski law office. TMW’s CEO Sebastian Lohmer said, “During the past years, London was too expensive for us; that’s why we never invested there before.” The price correction over the past months was credited with making the investment possible.