Deka buys office development in Hamburg

Deka Immobilien has bought an office development in Hamburg on behalf of its open-ended WestInvest ImmoValue fund which focuses exclusively on institutional investors. Financial details were not disclosed. The vendor is HBH Buro GmbH & Co KG, a subsidiary of Deutsche Immobilien and Aug. Prien Immobilien.

Located to the south of Hamburg, the Hammerbrookhofe development will provide 21,500 m² of office space and is scheduled for completion at end-2012. The property is almost fully leased to German railway operator Deutsche Bahn.

Deka Immobilien is part of the DekaBank group along with sister company WestInvest Gesellschaft fur Investmentfonds. Together they form Germany's biggest provider of open-ended funds, managing more than EUR 22 bn in fund assets.