(Bloomberg) -- Deka Immobilien GmbH, Germany’s biggest manager of property mutual funds, bought an office building in the City of London for about 500 million euros ($680 million) to benefit from rising rents in the U.K.’s biggest financial district.

The St. Botolph Building was purchased on behalf of Deka- ImmobilienEuropa, Deka’s open-ended real estate fund, the company said today in a statement. Jardine Lloyd Thompson Group Plc, an insurance company, occupies more than half of the space in the 13-story building located in an area that’s become popular with insurers because of its close proximity to the Lloyds of London market.

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