Germany's Deka Immobilien has acquired the fully-let Opéra Gramont office complex in the financial district of Paris from Reis Group, part of the Santander Real Estate Advisory programme for around EUR 75 mln. The property is earmarked for Deka's WestInvest ImmoValue open-ended mutual property fund, which is geared to institutional investors.

Germany's Deka Immobilien has acquired the fully-let Opéra Gramont office complex in the financial district of Paris from Reis Group, part of the Santander Real Estate Advisory programme for around EUR 75 mln. The property is earmarked for Deka's WestInvest ImmoValue open-ended mutual property fund, which is geared to institutional investors.

Built in the Haussmann style, the office property comprises three buildings that are connected by inner courtyards and boasts 8,000 m2 of total floor space across six floors as well as 57 underground parking spaces. The asset was comprehensively modernised and upgraded in 1998 and 2000, retaining the listed historical façade. Global perfume and cosmetics group Coty is the sole tenant of the building.

Jones Lang LaSalle advised Deka in this transaction.

Deka, a leading provider of open-ended property funds in Germany with assets of over EUR 21 bn, has completed a number of acquisitions in France over the past months including the purchase in July of a hotel property in the city centre of Paris from Altarea Cogedim for around EUR 114 mln and a logistics asset near Paris for around EUR 27 mln from a fund managed by AEW Europe.