Deka purchases Vienna office property from Immofinanz

German fund manager Deka Immobilien Investment has acquired Silk 7, a modern office property located on Seidengasse in Vienna's 7th district from Immofinanz. Both sides agreed to keep the transaction volume confidential but Immofinanz said it exceeded the assessed value.

The property comprises a total usable area of 10,350 m² and is fully let to what Immofinanz described as 'renowned companies and public authorities'. Some 6,000 m² is taken up with office space, with retail accounting for 1,000 m². The closing of the transaction took place on 31 October 2008.

Silk 7 is located in the premises of the former KURIER building, which was acquired by Immofinanz in October 2005. The new property was completed in November 2006. 'Excellent properties are also being sought in the current economic situation and it appears the pricing situation on the Vienna office market is stable,' said Immofinanz's Thomas Kleibl. 'Although the current financial market crisis is slowing down talks, the long-term revenues from rented properties are now particularly attractive for investors.'