Deka to focus on asset management

German investor Deka Immobilien said it has outsourced the property management of all its 220 properties in Germany, exclusive of shopping centres, as it seeks to focus its business on asset management. Hochtief Property Management and DeTeImmobilien will be responsible for the commercial and technical management of the portfolio from 1 January 2009. The partners have agreed to not disclose the details of the contracts.

Hochtief Property Management will take responsibility for 75% of the real estate portfolio with a five year contract, while DeTeImmobilien will administer approximately 25% of the properties with a three-year contract, Deka said.