Deka Immobilien is launching a real estate club fund for institutional investors.

The Deka-Immobilien Fokus Prag (DIFP) vehicle will be launched once its first asset – a Prague office complex – has been bought later this month.

Torsten Knapmeyer, managing director at Deka Immobilien, said: “The fund is the first product in the new Club Deal Series we plan to expand steadily in the coming years in response to increasing demand from institutional investors for custom-tailored real estate investments.”

The Park in Prague, being sold by the Starwood Capital Group, will be the starting and target portfolio of the fund.

The 75,000sqm complex includes 12 high-quality office buildings, built between 2003 and 2008.

The 116,000sqm of leasable space is occupied mainly by international technology companies.

Deka said the 50 tenants include DHL, Honeywell, CA Technologies and IBM.