Press Release

Deka Immobilien secures "Südkreuz Offices" development project in Berlin

Frankfurt – 13.01.2021
Deka Immobilien has exchanged contracts to secure the purchase of the "Südkreuz Offices" office development project at Südkreuz InterCity Express railway station in Berlin. The seller is LIP Ludger Inholte Projektentwicklung GmbH. Upon its anticipated completion in the second quarter of 2021, the new build will be added to the portfolio of WestInvest ImmoValue, the open-ended real estate fund aimed at institutional investors. The parties agreed not to disclose the purchase price.

The "Südkreuz Offices" development project is located in Berlin-Schöneberg and forms part of the "Schöneberger Linse", a mixed-use development area between Südkreuz InterCity Express railway station and Schöneberg suburban railway station. The property comprises approximately 25,000 sqm of leasable space across two building sections and 221 parking spaces in an underground garage. Currently around 40 per cent of this space has already been let on long-term leases to the German Aerospace Centre and German supermarket corporation Edeka. A rent guarantee exists for the remaining areas. The developers hope to be awarded Leadership in Energy and Environmental Design (LEED) Gold certification.

This transaction will allow fund management to expand WestInvest ImmoValue's holdings in Germany with a high-quality new build.

About Deka

DekaBank is the securities services provider of the German Savings Banks Finance Group (Sparkassen-Finanzgruppe). Together with its subsidiaries it forms Deka Group. With total customer assets of more than EUR 395 billion (as at 31/12/2021) and more than 5.2 million securities accounts, DekaBank is one of the largest securities services providers and real estate asset managers in Germany. DekaBank is a wholly owned subsidiary of the German Sparkasse savings banks and forms an integral part of the Sparkassen-Finanzgruppe.
The Deka Group’s global real estate expertise is pooled in its Real Estate Division. The management companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH provide management and support for around EUR 47 billion in real estate assets (as at 31/12/2021).

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