German investor Deka Immobilien has acquired an office building on Potsdamer Platz in Berlin from Orion Capital Managers' European Real Estate Fund IV for €85 mln.

German investor Deka Immobilien has acquired an office building on Potsdamer Platz in Berlin from Orion Capital Managers' European Real Estate Fund IV for €85 mln.

The asset, which will be added to the portfolio of Deka's WestInvest ImmoValue fund, provides 18,500 m2 of lettable area over nine floors. It was built in 1998-1999 and is part of the former Daimler-City site, which was the largest development area in Europe after German reunification.

The deal follows Orion's sale of the Allee shopping centre in Berlin last month. The UK-based asset manager's Income Return Partners fund sold the 12,300 m2 scheme for a price believed to be just under €60 mln.

JLL acted as exclusive advisor for the vendor, while GSK Stockmann + Kollegen provided legal advice.

The buyer is believed to be Arax Properties. The legal advisor was King & Spalding.