Deka Immobilien sells Paris office for EUR 166m

German property fund manager Deka Immobilien has sold the Axe France office building in Paris to a pool of French investors advised by DTZ Asset Management for EUR 166 mln. The property was acquired in 2004 for the Deka-ImmobilienGlobal open-ended mutual property fund.

Completed in 2001, the office building is located in the 13th arrondissement of the French capital and offers a total net lettable area of 22,000 m². In recent years, the scheme benefitted from the rejuvenation of the area and the signing of a new lease in 2010. 'This sale is thus an example of the anti-cyclical transaction strategy of the fund, as it is utilising the current high level of demand for core property to generate a sales profit,' Deka said in a statement on Monday.

BNP Paribas Real Estate advised the vendor.