Germany's Deka Immobilien Investment has entered the Canadian market with the acquisition of the Bentall V office and commercial building in Vancouver for CAD$ 300 mln (EUR 186 mln). The vendor was Canadian property company SITQ, a subsidiary of the Caisse de dépôt et placement du Québec, headquartered in Montreal.
Germany's Deka Immobilien Investment has entered the Canadian market with the acquisition of the Bentall V office and commercial building in Vancouver for CAD$ 300 mln (EUR 186 mln). The vendor was Canadian property company SITQ, a subsidiary of the Caisse de dépôt et placement du Québec, headquartered in Montreal.
The 33-storey Class A property has a total leaseable area of 54,000 m2 and was acquired by Deka Immobilien for its mutual fund Deka-ImmobilienGlobal. The building is fully let and has a stable rent roll, with only 3% of the leases set to expire within the next three years. Deka Immobilien was adviced by CB Richard Ellis Limited.
'We have taken the opportunity to further diversify Deka-ImmobilienGlobal’s portfolio with the acquisition of Bentall V and are investing in an attractive and sound location with good growth prospects,' said Thomas Schmengler, managing director of Deka Immobilien. 'The acquisition stabilises the fund’s high occupancy rate which currently stands at approximately 98% and increases the proportion of Deka-ImmobilienGlobal’s portfolio allocation to America from 12.6% to around 20%.'
DekaBank Group is the largest provider of open-ended property funds in Germany. The two investment companies, Deka Immobilien Investment and WestInvest Gesellschaft für Investmentfonds, manage fund assets of over EUR 19 bn.
