Deka buys Paris retail asset from Nexity

German investor Deka Immobilien has acquired a retail property on Avenue de France in Paris for about €54 mln.

The vendor is French property developer Nexity.

The building is currently under construction in the 13th arrondissement of the French capital, with completion planned for September 2013.

The property has two floors with a total lettable area of around 7,200 m2. It comprises 13 restaurant and retail units which are pre-let to well-known tenants such as Sephora, Orange, and Optical Services.

The acquired project is part of an ensemble of 35,000 m2 of space, which is being developed for the City of Paris. In addition, the complex includes 70 apartments, all of which have been sold to private individuals.

Separately, Nexity said on Friday that it is planning a bond issue to diversify its sources of financing. The company has appointed JP Morgan, Crédit Agricole CIB and Natixis to arrange a proposed six-year bond issue to French institutional investors. Financial details were not disclosed.