Deka Immobilien, the property investment arm of Germany's DekaBank, said on Wednesday it has acquired the BAC Colonnade office building in Coral Gables, Florida, for around $83mln (EUR 53mln) from Crescent, a subsidiary of Morgan Stanley. The purchase does not include the adjacent 157-bed hotel which is part of the building complex.
Deka Immobilien, the property investment arm of Germany's DekaBank, said on Wednesday it has acquired the BAC Colonnade office building in Coral Gables, Florida, for around $83mln (EUR 53mln) from Crescent, a subsidiary of Morgan Stanley. The purchase does not include the adjacent 157-bed hotel which is part of the building complex.
The property will be added to Deka's open-ended fund Deka-ImmobilienGlobal. BAC Colonnade is located in the Coral Gables submarket close to the airport and the Miracle Mile shopping street. The Mediterranean-style complex was completed in 1989 and has a total surface area of around 19,000 m2. The 19 tenants include Chevron Caribbean, BAC Florida Bank and Morton's Steakhouse.
The DekaBank Group is the largest provider of open-ended funds in Germany. Its two investment subisidiaries, Deka Immobilien Investment and WestInvest Gesellschaft fur Investmentfonds, jointly manage assets of around EUR 18bn.
