German closed-end fund manager KGAL has acquired 60 Gracechurch Street in London from Evans Randall for around £116 mln (EUR 137 mln). The transaction is the biggest acquisition in London by KGAL, who develop and manage investments in real estate, aircraft, infrastructure, ships and private equity.

The 126,000 sq ft (12,000 m2) building is let for a further 15 years to Allianz, Commerzbank and Boots The Chemist. Evans Randall bought the building in 2008 for £127.5 mln from New Star Asset Management which in its turn bought it in 2006 for £146 mln.

SJ Berwin's real estate team advised KGAL on the deal. 'The acquisition involved complex structuring, covering three jurisdictions, so we're pleased to have completed it in a tight timeframe and continue to act for KGAL as it adds to its UK real estate portfolio,' said partner Mark Mallon.

Evans Randall was represented by Davenport Lyons and Lawrence Graham acted for lender DG Hyp.