Deka Immobilien has acquired an office and commercial building in Milan. The property was sold by a property company belonging to "IREEF", a fund managed by the investment company Invesco. The parties agreed not to disclose the purchase price. The open-ended real estate fund Deka-ImmobilienEuropa will hold the property using a SICAF structure managed by Davy Global Fund Management.
The investment comprises two originally separate neighbouring buildings that were joined together as part of a revitalisation project in 2019, creating a premium complex with one historic and one modern façade at Via Broletto 16. The property covers a total area of over 12,000 m² and comes with 33 parking spaces. It is leased to seven tenants under long-term leases, with law firm Clifford Chance being the main tenant. Its location in the heart of the city's historic centre close to Piazza Cordusio and the Duomo di Milano means it boasts excellent transport links. The property has received Leadership in Energy and Environmental Design (LEED) Platinum certification and has been certified "Very good" by BREEAM, the British quality mark for sustainable building.
This acquisition will allow the fund management of Deka-ImmobilienEuropa to secure a high-quality property in a top location that promises rent increases in the medium term.
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 368 billion (as at 30/06/2021) and more than 5 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 43 billion in real estate assets (as at 31/12/2020).