Deka Immobilien has sold a retail property located in Paris from the portfolio of the real estate special fund VA-Domus after a holding period of around six years. The buyer is a joint venture between AnaCap Financial Partners and FREO Group. The parties have agreed not to disclose the sale price.
The "Grande Armée" building complex at 10 Avenue de la Grande Armée, built in 1930 and refurbished in 2000, is located in the immediate vicinity of the Arc de Triomphe. It is a co-ownership that has around 16,050 sqm of rental space, divided into retail, residential and office. The transacted asset contained only the retail space, which spans 8,550 sqm and was most recently occupied by the tenant Conforama.
The buyer plans to refurbish the property in conjunction with a multi-tenant use.
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 EUR 367 billion (as at 30/06/2022) 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).