German investors plug £847m into City property
German investors have injected £847m into property in the Square Mile so far this year.
This is the second-highest level invested into properties in the City of London since 2013, the Telegraph newspaper reported.
One in five property transactions in the City were carried out by German investors in the year to mid September, according to estate agent Savills.
Investors have continued to be attracted to the area even after Brexit, Stephen Down, head of London investment at Savills, told the newspaper.
“The reality is that although some private and institutional investors were deterred from coming to London immediately after the Brexit vote, the City has proved largely resilient and remains a global hub for business,” Down said.
Investment by German buyers is 59 per cent higher than last year and almost double pre-pandemic levels of £287.8m.
“There is a disproportionately high amount of money circling globally ready to be invested into core assets and with City offices perceived to be a safe haven for capital they are a top target on investors’ shopping lists.
“German institutions in particular have been able to take advantage of their proximity to and knowledge of the London market, and have come back earlier ahead of some buyers from the Middle East and Asia.”