German fund manager Deka Immobilien is in the process of selling its “Stella” portfolio, which is expected to fetch around €800 mln, according to those who track the market. The sale is expected to go through in November.
German fund manager Deka Immobilien is in the process of selling its “Stella” portfolio, which is expected to fetch around €800 mln, according to those who track the market. The sale is expected to go through in November.
A spokesperson for Deka declined to comment.
However, the office portfolio is believed to comprise 34 office properties which are mainly located in Germany's Big 7 cites, including Frankfurt, Berlin, Düsseldorf, Hamburg and Cologne. Combined, they total around 334,000 m2 and have an occupancy rate of at least 83%, according to market sources. They are believed to generate a combined annual market rent of €37 mln.
'I think interest in a portfolio like this would be very international,' said one analyst who asked not to be identified.
France's Amundi Asset Management is believed to be among the bidders, according to market sources. Amundi could not be reached for comment.