Central London mixed used building changes hands

Commerz Real has sold a fully-leased office and commercial building in Central London to an investment management platform on behalf of multiple family offices.

The German asset manager has offloaded Paternoster Square – part of its open-ended real estate fund hausInvest – to CLI Dartdriver, which belongs to German real estate investors Conren Land and Indigo Invest along with London-based Dartriver.

The building – which is located in the City of London close to St Pauls Cathedral – comprises five floors spanning 20,420 sq ft, with around 80% of the property consisting of office space. The ground floor accommodates a number of retail units.

Developed in 2002 as part of the wider Paternoster Square urban development, the eponymous building was acquired by hausInvest along with its neighbour, Paternoster House.

Following the fund, hausInvest will continue to be present in the UK. Its largest asset in the portfolio is the 2.7 million sq ft Westfield London shopping centre, with other assets including 180 Great Portland Street in London, the Mann Island office building in Liverpool, and Victoria Square shopping centre in Belfast.

Paternoster Square was sold for an undisclosed sum.