German open-ended fund manager Deka Immobilien has sold an office and hotel property in Milan to Hines Italy for EUR 38 mln.
German open-ended fund manager Deka Immobilien has sold an office and hotel property in Milan to Hines Italy for EUR 38 mln.
Deka said it sold the 13,300 m2 asset, which it acquired in 2003 for its global real estate fund, at a profit. The property is located at Via Melchiorre Gioia 6-8 in the Porta Nuova/Garibaldi district.
Deka said it took advantage of the increased investor demand in the Porta Nuova development market to make a profit for fund investors.
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 managed over EUR 23 bn of assets at end-June 2012.
