Deka adds office scheme in Edinburgh to string of deals

Deka Immobilien has completed the latest in a string of property transactions this month with the purchase of the Edinburgh One office scheme for around EUR 28 mln.

The German real estate fund manager said the asset, located in Edinburgh's financial district, was sold by Friends Provident Life Assurance Limited. Completed in 2001, it provides 5,100 m² of lettable space and is fully leased to the Scottish insurance group Scottish Widows.

C&W advised the vendor. Deka was assisted by law firm law firm HBJ Gateley.

The deal adds to a busy start of the year for the real estate arm of DekaBank. In the past two weeks, the company bought a retail centre in Nuremberg, Speck's Hof & HansaHaus historic buildings in Leipzig, as well as the Mokotowska Square office property in Warsaw. A fifth commercial asset on Vienna's main shopping street was sold to Warburg-Henderson KAG.