Tuesday, 22 July 2025
Union Investment has completed the off-market sale of Finsbury Circus House in London to DARE, a joint venture between Delancey and Australian investor Aware Super. The transaction represents one of the first significant prime office deals in the City of London in recent months, indicating renewed interest in high-quality office properties.
Union Investment initially acquired Finsbury Circus House in 1992 for its open-ended real estate fund, UniImmo: Deutschland. The property, originally leased in full to the Bank of Tokyo, underwent a redevelopment into a multi-tenant building in 2012 and 2013 following the tenant’s departure.
According to Union Investment, the sale is part of its strategy to optimize its portfolio and manage future capital expenditure risks. The company noted that the property’s location near Liverpool Street station and its quality were important factors in attracting interest from buyers. The sale proceeds will allow Union Investment to pursue new investment opportunities in London, which remains a key market for the firm.
DARE plans to incorporate Finsbury Circus House into its portfolio of prime central London offices. Delancey stated that the building’s location, close to transport links such as the Elizabeth Line and amenities, aligns with the types of assets sought by businesses looking for central London offices.
Aware Super, which has partnered with Delancey on the acquisition, sees opportunities to enhance the property’s value through sustainability-focused upgrades. The fund indicated that investments in prime central London offices, where market activity has been slower than occupational demand, remain a strategic focus for delivering returns to its members.
Following this transaction, Union Investment continues to hold eight office and hotel properties in London, valued at around €1.9 billion, alongside investments in other major UK cities and Dublin. Union Investment has operated an office in London since 2022 to support its UK and Ireland investment activities and is considering expanding into the UK residential market.
Advisers on the transaction included Travers Smith and CBRE for Delancey and Aware Super, and DLA Piper and JLL for Union Investment.
