Deka's Realkredit Klassik debt fund has built up more than €530 mln of assets, an increase of €70 mln since the start of 2015.
Deka's Realkredit Klassik debt fund has built up more than €530 mln of assets, an increase of €70 mln since the start of 2015.
The fund's latest acquisition was a senior €15 mln tranche of a commercial real estate loan from DekaBank.
This relates to DekaBank providing finance against a portfolio of three office and two retail assets on behalf of the Schroder Real Estate managed fund Immobilien Europa Direkt (IED), an investment group of Zurich Investment Foundation. The assets are located in Berlin, Hamburg, Munich and Darmstadt. The loan volume totals €38.9 mln.
The purchase expands Deka Realkredit Klassik's German portfolio to six loans. The fund portfolio currently holds 27 real estate loans with an average loan-to-value ratio of less than 40%.
Earlier in October, the debt fund acquired a senior €12 mln tranche of a commercial real estate loan from DekaBank. The tranche is part of the financing provided by DekaBank for purchase of the class A Pirelli office property in Milan.
The five-storey building was built in 2009 and has a total leasable area of 14,700 m2 and 151 underground parking spaces. It is located in the Bicocca office market on the northern city boundary of Milan. This is the fund’s second loan purchase in 2015 for a property in Milan.
Deka Realkredit Klassik was launched in 2009 as the first debt fund under German investment law.
