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Deutsche Forecloses On London Office: Negative for CWHARF, DePfa, Aareal

REAL ESTATE

Deutsche Bank (DBK GY) has repossessed a London office from WeWork Capital – not a great sign for London office CRE. Negative for Canary Wharf, Aareal, DePfa.


  • 51 Eastcheap was owned by WeWork Capital Advisors and had reportedly been trying to sell the building for something like two years, starting at GBP125m in 2022, cut to GBP75m by late-2023.
  • Receivership was based on a banking covenant breach over the collapsed sale process.
  • Whilst this is unlikely to be meaningful for DBK in isolation, it points both to the troubles in the London office CRE market (negative for Canary Wharf Group, for example) alongside the banks behind – not a good sign for Deutsche’s compatriots, Aareal or DePfa.
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