DEKA Immobilien Investment, advised by Savills, has acquired the long leasehold interests in Moor House at 120 London Wall, EC2 from Hammerson and Pearl Assurance, for £ 229.8m, representing a net initial yield of 6.5% based on the purchaser’s costs of 5.7625%.

The office property was designed by Foster & Partners and comprises circa 326,500 sq ft (30,300 sq m) with 16 floors of office space equating to about 304,000 sq ft (28,300 sq m) and retail units over mezzanine, ground and lower ground floors. The property is fully let to seven tenants including Bayersiche Hypo-Und Vereinsbank AG, Macquarie Bank, Citidel, Pictet Asset Management and New Look. The total current gross passing rent is £16.36 million pa, which equates to about £50 sq ft (£540sq m) overall.

John Heaver, director of Savills, said: “Moor House is an extremely high quality asset with striking appearance and prominence in the core of the City of London and multi-let to a variety of prestigious tenants.”