Deka Immobilien, the property arm of Germany's Deka Bank, has acquired the Urban Building Shinsaibashi in the Japanese city of Osaka for EUR 120 mln. The 7,454 m[sup]2[/sup] property which is principally let to Apple Japan, was bought for Deka's open public fund which invests worldwide. The seller was special purpose vehicle set up by the publicly listed company Urban Corporation.
Deka Immobilien, the property arm of Germany's Deka Bank, has acquired the Urban Building Shinsaibashi in the Japanese city of Osaka for EUR 120 mln. The 7,454 m2 property which is principally let to Apple Japan, was bought for Deka's open public fund which invests worldwide. The seller was special purpose vehicle set up by the publicly listed company Urban Corporation.
Commenting on the deal, Deka Immobilien board member Dr. Matthias Danne said: 'We were able to close the deal with the Japanese project developer in just five weeks, which shows the extent to which we are readily accepted in the Japanese market. We will continue to expand our strong market position, both in terms of other property investments and the financing of commercial properties.'
Osaka, population 2.3 million, is Japan's leading industrial and commercial center after Tokyo and its second largest retail market.
