German fund manager Deka Immobilien has acquired a diversified portfolio of 51 retail assets in 37 German cities for €700 mln.
German fund manager Deka Immobilien has acquired a diversified portfolio of 51 retail assets in 37 German cities for €700 mln.
Deka said that the assets will be divided between various special funds for institutional investors. Some 44 properties, with a volume of €480 mln, will form the seed portfolio for a new German-focused vehicle called Domus-retail-Germany.
'With this acquisition we are availing of a rare opportunity to further expand our institutional business,' said Torsten Knapmeyer, managing director of Deka Immobilien
The 51 assets were managed by D&R Investments, a Dutch company that specialises in A-1 retail real estate investments in Germany and leisure real estate investments in the greater Amsterdam area.
Portfolio
The 51 inner-city retail properties are located in 37 mainly A and B cities and are almost fully let. The buildings are located in prime locations within pedestrian areas in cities such as Cologne, Hannover, Regensburg, Kiel or Lüneburg. The total lettable area is approximately 137,000 m2. The main tenants are well-known fashion chains.