Deka acquires office asset in Bristol for EUR 35m

Deka Immobilien has acquired an office building in the UK city of Bristol from a special fund managed by SEB Asset Management for £31 mln (EUR 35 mln). The property will be included in the Deka-S-PropertyFund No. 2 individual fund.

The 2 Temple Back East office building is located in the heart of Bristol's business district. The property was completed in 2002 and comprises total floor space of around 8,100 m² on five floors.

International law firm Osborne Clarke is the only tenant and has signed a long-term lease agreement.

Thomas Schmengler, managing director of Deka Immobilien, explained: 'For our special property funds and individual funds we are increasingly looking for first-class property in secondary (B category) cities.' As the largest city in the South West of England, Bristol is the centre of a region with above-average economic power. The city's structure is dominated by financial services providers and consultancy firms, Deka added.

SEB AM said that the selling price was above the most recently determined market value. The building was acquired in March 2009 from Invista Real Estate Investment Management Limited for a total investment of around £28 mln and was part of the property assets of the SEB Europe REI real estate special fund. The fund management company intends to reinvest the sale proceeds in Warsaw in the near future.