Deka Immobilien acquires office building in Ireland
Frankfurt – 11.06.2021
Deka Immobilien has purchased an office building in Dublin for 164 million euros. The Irish Life Assurance plc is the seller. It is to be added to the portfolio of the WestInvest ImmoValue fund which is designed for institutional investors.
The property "Riverside IV" was completed in 2007 and offers a leasable area of around 12,500 sqm and 85 parking spaces. It is fully leased on a long-term basis to Ireland's largest law firm Matheson, and is its global headquarters. The property is located in the center of Dublin in the South Docks submarket. In recent years, the Docklands area has become a prime location for modern, large-scale offices, with many banks, financial services firms, law firms and technology companies locating here.
With this purchase, the fund management of WestInvest ImmoValue is completing its market entry in Ireland and diversifying its portfolio with a high-quality property that promises stable long-term income.
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 340 billion (as at 31/12/2020) and more than 5 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 management companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH provide management and support for around EUR 43 billion in real estate assets (as at 31/12/2020).