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DTZ Investors completes largest acquisition to date

The real estate investment management business of property services firm DTZ has bought 47 Mark Lane in London for £73.3m, its largest purchase to date and the first since its acquisition by private equity firms.

DTZ Investors, the real estate investment management business of property services firm DTZ, has completed its largest purchase to date, it announced today.

It said it had acquired 47 Mark Lane in London for £73.3 million (€92.62; $115.35 million) from the UK REIT Land Securities.

The transaction is also the first by the platform since its parent company was acquired by a private equity consortium of TPG Capital, PAG Asia Capital and the Canadian institutional investor Ontario Teachers’ Pension Plan earlier this month.

DTZ Investors is a predominantly Europe-focused real estate investment manager, although it had a brief attempt to expand into Asia which ultimately did not materialize amid a prolonged spell of corporate uncertainty.

According to company literature, the 100-strong platform currently manages $12 billion of assets for institutional investors across its fund and asset management functions. In terms of fund management, it runs both separate accounts and commingled funds for private and public real estate investments.

Following the acquisition of 47 Mark Lane, DTZ Investors said it had £280 million of dry powder remaining from currently live mandates.

The property comprises 105,000 square feet of refurbished office space over six floors. It also includes ground floor retail.

DTZ Investors fund manager Kevin O’Connor said in the announcement: “47 Mark Lane is exactly the type of asset that DTZ Investors is looking for. The site offers a mixed-used, multi-let income and it is located in a strong growth area, which is only going to get stronger with time.”