German fund manager Deka Immobilien said on Tuesday that it has reached an agreement to rent out its Poseidon office project in Frankfurt's largest single leasing deal of 2010.
German fund manager Deka Immobilien said on Tuesday that it has reached an agreement to rent out its Poseidon office project in Frankfurt's largest single leasing deal of 2010.
The property, which is owned by the Deka ImmobilienEuropa open-ended property fund, will be occupied by the European online bank ING-Diba. The bank will use the property as the corporate headquarters for its 1,500 staff in 2013. The leasing deal was brokered by BNP Paribas Real Estate.
Poseidon, located at Theodor-Heuss-Allee 2, will offer over 40,000 m2 of office space across three separate buildings, which will be modernised and connected before delivery in 2013 The complex dates back to the 80s and will be upgraded with the aim of receiving a Gold rating according to Leed energy efficiency standards. A further 4,000 m2 of space will be added to the scheme.
'For an open-ended property fund it is important to invest in the stock in order to achieve stable cash flows for its investors,' said Matthias Danne, real estate head at Deka Bank.
Deka Bank is one of the largest open-ended fund managers in Germany with assets of over EUR 21 bn.
