Deka buys office property in Lyon for EUR 40m

Deka Immobilien has acquired the 'Le Triangle Part-Dieu' office building in the French city of Lyon for Deka-SPropertyFund No. 1. The German investor purchased the property for around EUR 40 mln from ING Real Estate Investment Management France. The initial net yield is around 7%.

The class A property was built in 2007 and is situated in Part-Dieu, the Central Business District of Lyon. It is located in the vicinity of the TGV train station.

The property comprises floor space of around 11,400 m² and approximately 250 underground parking spaces. It is fully let on a long-term basis to six primarily governmental tenants with high credit ratings.

The DekaBank Group is the largest provider of open-ended property funds in Germany. The two investment companies, Deka Immobilien Investment and WestInvest, together manage fund assets of over EUR 19 bn. As a sister company, Deka Immobilien is responsible for the acquisition and disposal of properties, management of these assets and all other property services as well as for product development.