Deka fund acquires €30 mln in loans to finance German office deal

German lender DekaBank has offloaded around €30 mln in liabilities to the Deka Realkredit Klassik debt fund.

The fund has acquired a senior tranche of a commercial real estate loan which will form part of a €100 mln financing package arranged by DekaBank to buy four office buildings in Munich, Münster, Darmstadt and Bonn.

The properties, built in 2008, have a total leasable area of around 123,000 m2. The main tenant in the portfolio is Deutsche Telekom.

The fund said in a statement that the loan provided an attractive margin compared to the current market and would allow it to further diversify its loan holdings in euros. The fund currently has five German loans in its portfolio.

Deka Realkredit Klassik was launched in 2009 as the first debt fund under German investment law and buys senior debt relating to commercial property only. Fund assets amount to approximately €470 mln.