Quintain sells Greenwich Pier Walk to Deka

British property investor Quintain Estates and Development has sold Pier Walk at its Greenwich Peninsula development near London's Canary Wharf to a unit of Germany's largest open-ended fund manager DekaBank. Deka Immobilien GmbH paid £97.1 million ($154.4m; Dh567m) in cash for the property, representing a six per cent uplift on the latest independent valuation at March 31 and an investment yield of 5.9 per cent. The seven-storey building consists of two blocks of office accommodation linked by a central atrium space, with shops on the ground floor. Transport for London is the sole office occupant of the 198,000 square foot building. The retail units within the building will be leased back to Greenwich Peninsula Regeneration - the joint venture between Quintain and Lend Lease Europe - at no cost for 125 years. Under the terms of the deal, the joint venture will retain control of the seven retail units on the ground floor of the building, five of which are shortly due to be let to major retailers and restaurant brands. Adrian Wyatt, Chief Executive of Quintain, said the sale demonstrated the strength of the independent valuation of Quintain's assets at Greenwich Peninsula in a tough trading environment and enable the company to recycle the proceeds into new opportunities with potential for higher returns.