LBBW Immobilien Management, the asset management arm of the Stuttgart-based bank, has acquired the La Vie II office building in Düsseldorf from Deka Immobilien.
Financial details were not disclosed.
The 10,500 m2 office property, which includes 202 parking spaces, was divested from Deka's WestInvest InterSelect open-ended real estate fund.
LBBW said it acquired the asset for its Germany Diversified Core+ real estate special alternative investment fund.
The property, which was completed at the end of 2002, is part of the La Vie office complex which comprises four separate components.
La Vie II is around 73% leased to five tenants, secured by Deka on a long-term basis through new contracts and contract extensions. The main tenant is Fujitsu Technologie Solutions.
The property is located to the north of the centre of Düsseldorf, not far from the airport in the Lichtenbroich district.
Deka said that fund managers of WestInvest InterSelect had decided to exploit the current market environment to sell a property that was no longer in line with the fund's strategic target criteria.
