German fund manager DWS has exchanged contracts to acquire three residential properties within the development known as Royal Albert Wharf in East London for one of its institutional real estate funds, in an off-market transaction.
The fully let new residential properties in the Royal Docks, completed in 2020, are located directly on the River Thames and not far from London City Airport. With a lettable area of around 12,300 m2, the three properties comprise of 182 residential units. The properties are primarily aimed at young professionals and families.
The seller is Folio London, the PRS arm of Notting Hill Genesis. Savills Operational Capital Markets advised the vendor on the transaction.
Mike Hill, head of Real Estate Transactions, UK and Ireland, DWS, said: ‘This acquisition is a testament to our strategy to focus on high quality real estate investments offering stable cash flows and a sustainable occupancy level for our investors. We remain interested in promising acquisitions in the residential, logistics and office sectors.’