Press Release
Deka Immobilien sells office building in France
27.08.2020Deka Immobilien has sold a Paris office property to BNP Paribas REIM, France. The property came from the open-ended real estate mutual fund Deka-ImmobilienEuropa, which bought it at the end of 2012. The parties agreed not to disclose the sale price.
The “47 Austerlitz” office building was built in 2003 and offers more than 22,600 sqm of leasable space and 132 parking spaces. It has been leased to the investment bank of the French savings bank group Natixis since its completion. The property is located in the established ZAC Paris Rive Gauche office submarket in the 13th arrondissement of Paris.
Given the approaching end of the lease for the main tenant Natixis in March 2021, asset management and vacancy risks were avoided by the sale. This transaction allows the fund management of Deka-ImmobilienEuropa to dispose of the property to the benefit of investors after a holding period of more than eight years with stable cash flows.
About Deka
DekaBank is the Wertpapierhaus (securities services provider) of the German Savings Banks Finance Group. Together with its subsidiaries it forms Deka Group, which has total customer assets of around EUR 310 billion (as at 30/06/2020) and around 4.9 million securities accounts, making it one of the largest securities services providers and real estate asset managers in Germany. It provides retail and institutional clients access to a wide range of investment products and services. DekaBank is firmly anchored in the Sparkassen-Finanzgruppe and designs its portfolio of products and services to meet the requirements of its shareholders and sales partners in the securities business.
The Deka Group’s global real estate expertise is pooled in its Real Estate Division. The two investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, manage and service around EUR 40 billion in real estate assets (as at 31/12/2019).
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