Deka Immobilien acquires starter properties for new special fund Domus Megatrends Europa
Frankfurt – 21.02.2022
First-class office real estate purchased in Dublin and Madrid
With the purchase of two high-end office buildings in Dublin and Madrid for a total of more than EUR 100 million, Deka Immobilien has made its first investments on behalf of its new special fund Domus Megatrends Europa. BNP Real Estate Investment Managers divested the property in the Irish capital, while British investment company Blue Coast Capital divested the office building in the Spanish capital.
The property, 8 Hanover Quay in Dublin, was built in 1920 and renovated to new-build quality in 2016. The leasable space of around 3,750 m² is used in full and over the long term by Airbnb Ireland. The property is located at Grand Canal Dock in Dublin's South Docks sub-segment. This area, which boasts good transport links, has developed over recent years into the city's most popular office rental district. The property has been rated "Very Good" by BREEAM, the British certification for sustainable construction. In February 2020, Deka Immobilien had already purchased the neighbouring property, known as The Reflector, for the open-ended real estate fund Deka-ImmobilienMetropolen.
The Ancora 40 office building in Madrid, built in 1990, was core renovated in 2021 and is characterised by high space efficiency. It comprises more than 7,000 m² of leasable space and 57 parking spaces. The four interconnected building sections are fully leased to Just Eat Takeaway, Europe's largest online provider of food delivery services. Ancora 40 is located in the established Méndez Álvaro sub-segment. Due to its proximity to Atocha station, Madrid's largest railway station and main hub for the AVE high-speed trains, the property gives access to excellent infrastructure. It has received Leadership in Energy and Environmental Design (LEED) Gold certification. This investment marks the first Deka property acquisition in Spain for years.
Both buildings are the starter properties for the newly launched Domus Megatrends Europa fund. The special fund selects 50 top European real estate locations in line with the megatrends of new work, environment and urbanisation. The main focus is on high-value core/core+ properties in the office, retail, logistics and hotel segments. The fund caters to institutional investors seeking to profit from a sustainable investment as per Article 8 of the Sustainable Finance Disclosure Regulation. Further purchases are already at an advanced stage of negotiations.
With these first transactions, the fund management has secured two properties that promise stable cash flows over the long 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 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).