Deka, the largest provider of open-ended real estate funds in Germany, has kept up the hectic pace of its investment activity by agreeing its third transaction in Finland this year. The bank's Deka Immobilien property unit bought the seven-storey Kluuvikatu 3 (K3) office and commercial property in Helsinki from Cambridge Place Investment Management for EUR 50mln. The property is being contributed to Deka's Westinvest Immovalue fund.
Deka, the largest provider of open-ended real estate funds in Germany, has kept up the hectic pace of its investment activity by agreeing its third transaction in Finland this year. The bank's Deka Immobilien property unit bought the seven-storey Kluuvikatu 3 (K3) office and commercial property in Helsinki from Cambridge Place Investment Management for EUR 50mln. The property is being contributed to Deka's Westinvest Immovalue fund.
Cambridge Place redeveloped and repositioned the building with the K3 brand prior to the sale to Deka Immobilien. The property offers 8,300 of usable floor space, including 2,000 m2 of retail space on the ground and first floors.
Deka Immobilien was advised by Krogerus Attorneys. Jones Lang LaSalle and White & Case acted for Cambridge Place.
Deka, like other cash-rich German open-ended fund providers, has been a very active buyer in the European real estate investment this year. Since January Deka has spent over EUR 800mln on deals in Germany, the UK, France, the Netherlands, Portugal, Poland and Finland. Meanwhile potential rivals dependant on debt financing have been knocked out of contention by the credit crunch.
In Finland, Deka purchased two retail properties in January and an office building designed by Alvar Aalto and leased to Stora Enso in June. 2008 has also seen heralded Deka’s return to the London office market as a buyer following a three-year break.
