ENKA, one of Turkey's largest global engineering and construction groups, has bought Park House, 16 Finsbury Circus, London EC2, for £186 million from a fund run by the asset management giant DWS, CoStar News can reveal.
Originally built in the 1920s and redeveloped in 2008 behind its Grade II-listed facade, Park House is a landmark office fronting Finsbury Circus, the largest open park in the City of London. The building has 25,000 to 30,000-square-foot floorplates and is a few minutes from Liverpool Street Station.
The landmark office adds to ENKA’s diversified portfolio of high-quality income-generating real estate assets, the group said.
“This acquisition reflects ENKA’s long-term confidence in London as a resilient global financial and cultural hub,” said Mehmet Tara, chairman of ENKA, in a statement. “It also aligns with our strategic goal of expanding our real estate footprint in mature markets that offer stable returns and long-term growth potential.”
ENKA was advised by Feldberg Capital, the European real estate investment manager, with CBRE providing advice to DWS. Feldberg said the acquisition highlighted its ability to "identify and unlock high-quality office assets in prime central London locations with clear asset management opportunities to drive further value".
The sale of Park House would be one of the largest office transactions of 2025. In January, Broadgate REIT sold its 50% stake in 2 Finsbury Avenue to Modon Holding for £501 million. In April, State Street purchased 100 New Bridge Street for £333 million for its own occupation.
Jamie Acheson, head of UK Investment at Feldberg Capital, said: “Park House is an institutional grade, prime office asset in an unparalleled City location. This acquisition demonstrates our strong conviction in the Central London office market, which continues to display highly compelling market fundamentals, with an acute supply shortage of Grade A supply driving significant rental growth. We are now looking forward to executing our business plan, focused on capturing significant rental reversion, improving sustainability credentials and targeted capital investment.”
DWS, then called REEFF, bought the freehold interest in the 196,376 square feet of office and retail from Prupim for £150.5 million in 2012, reflecting a net initial yield of 5.5%. The building is let to multiple tenants.
Feldberg Capital has been buying London assets on behalf of Cora, its so-called brown-to-green workplace fund, investing in energy-inefficient offices then retrofitting and repositioning assets into environmentally friendly workplaces. The fund targets assets in central London that Feldberg sees as growth locations "underpinned by excellent connectivity and amenity, such as Covent Garden, Soho, Fitzrovia and Bloomsbury". The investment strategy for Cora includes ESG targets and features.
Founded in 1957, ENKA İnşaat ve Sanayi A.Ş. is one of Türkiye’s foremost engineering, construction, energy, and real estate groups, with operations across more than 60 countries.
(This article was updated to show CBRE as adviser to DWS).