Deka Immobilien invests in Italy

Frankfurt – 31.03.2021

As part of a sale and leaseback transaction, Deka Immobilien has acquired the Italian office of the fashion company Dsquared2 in Milan. The property will be added to the open-ended real estate fund Deka-ImmobilienMetropolen. This acquisition in yet another European metropolis further diversifies the portfolio and follows recent acquisitions in Paris, London, Berlin, Dublin and Prague. The parties agreed not to disclose the purchase price.

The representative property, Ceresio 7/9, comprises a total area of around 8200 square metres and, in addition to the Italian office of the fashion label Dsquared2, houses the popular rooftop restaurant CERESIO 7, which boasts wonderful views of the Milan skyline and an exclusive fitness studio. The property, which the fashion company extensively revitalised in 2010 while maintaining its original appearance, is fully leased on a long-term basis.

Ceresio 7/9 is centrally located in the vibrant Porta Volta district, directly next to Milan's newly constructed Central Business District, Porta Nuova. The area has developed into a fashionable hotspot referred to as the "design square", which is one of Porta Volta's key sub-markets thanks to the studios and offices of international fashion, lifestyle and technology companies that are found there.

Deka-ImmobilienMetropolen is aimed exclusively at private investors and makes currency-hedged investments worldwide in commercial properties located in dynamically growing metropolitan areas. Target investment markets are chosen using a city selection model based on the long-term drivers of growth — globalisation, urbanisation, ecology and new working environments. The investment gives the fund the opportunity to enter the market in Italy's major economic metropolises.

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).