German fund manager Deka Immobilien has acquired an office and retail complex in Berlin for around EUR 112 mln. The property will be added to Deka's open-ended Global fund. The vendor is a local land company owned by insurer Württembergischen Lebensversicherung.
German fund manager Deka Immobilien has acquired an office and retail complex in Berlin for around EUR 112 mln. The property will be added to Deka's open-ended Global fund. The vendor is a local land company owned by insurer Württembergischen Lebensversicherung.
The property, Quartier Leipziger Platz 1, consists of three 10-storey buildings and one seven-storey asset comprising a total lettable area of 22,400 m2. Around 17,000 m2 of the space is allocated to offices with 2,000 dedicated to retail. The property is virtually fully let.
Grossmann & Berger advised Deka on the transaction.
DekaBank Group is the largest provider of open-ended property funds in Germany. The two capital investment companies, Deka Immobilien Investment and WestInvest Gesellschaft für Investmentfonds, together managed over EUR 24 bn of assets at end-November 2012.
