Deka sells London building to Zara for EUR 190m

German real estate fund manager Deka Immobilien has sold the Lumina office and retail property in London to retail chain Zara for EUR 190 mln.

Zara is the main tenant in the fully let 7,000 m² property. Lumina has shopfronts facing Oxford Street and New Bond Street and the property has been rated 'very good' under BREEAM sustainability certification. The retail element of the property covers 3,200 m2, with office space making up the rest.

Completed in 2002, Lumina was held in the property portfolio of German open-ended mutual property fund Deka-ImmobilienEuropa.

Deka said that with this sale the fund is exploiting the 'prevailing high level of demand' for fully-let retail properties in London's top locations.

DekaBank Group is the largest provider of open-ended property funds in Germany. The two capital investment companies, Deka Immobilien Investment and WestInvest Gesellschaft für Investmentfonds, together manage fund assets of over EUR 23 bn as of end-April 2012.