Germans take over FA HQ

Germans are taking over at the headquarters of English football.

Property speculators from Deutsche Bank have bought the freehold of the Football Association's plush Soho Square offices.

They are the second German finance house to invest in the English game following WestLB's £433 million loan towards rebuilding Wembley Stadium.

The latest deal, worth £30.8m, sees DB Real Estate, the property arm of Deutsche Bank, become the FA's new landlords after buying 25 Soho Square from Merrill Lynch Investment Managers.

Since selling Lancaster Gate in 2000, the FA have paid rent of around £2.15m a year for the use of their West End offices. Former chief executive Adam Crozier initiated the move as part of his plans to modernise the organisation.

But with finances now stretched over the £757m Wembley project, there have been suggestions they may switch their base to the new stadium - set to open in 2006 - as a cost-saving exercise.

Such a move could, however, prove difficult due to the length of their lease at Soho Square and significant changes in the property market.

The FA's lease with the Germans still has 17 years left to run so any attempt to leave before that would involve finding another tenant to take their place.