Deka Immobilien acquires prime office building in Italy

 
Frankfurt, 27.02.2024

 
Deka Immobilien has acquired a trophy asset under long-term lease in the historic centre of Rome. The property was sold by the private investment house Ardian. It will be added to the portfolio of the WestInvest InterSelect open-ended real estate fund. The parties have agreed not to disclose the purchase price.

"The fantastic location and quality of the property are unique selling points on the Roman market. It's the first building in Rome to receive triple certification", says Victor Stoltenburg, Managing Director of Deka Immobilien.

This striking office building, "Veneto 89", was built in 1928 in the neoclassical style and has recently been extensively renovated. It boasts around 23,000 sqm of leasable space, with 11 parking spaces for cars and 12 for motorcycles in its underground car park. The office space is leased under long-term leases to two tenants, of which Deloitte Italy is the main tenant.

The property is situated in the heart of the historic centre of Rome on Via Veneto, which has made a name for itself with exclusive hotels, luxurious cafés, the US Embassy, various institutions and the head offices of major companies.

"Veneto 89" is the first building in Rome to be awarded three certifications. It has achieved the Leadership in Energy and Environmental Design (LEED) Gold standard, a "Very Good" rating by BREEAM, the British certification for sustainable construction, and the WELL Silver standard, which places strong emphasis on the health and comfort of a building's users.

With this transaction, the fund management team is taking advantage of this rare opportunity to diversify the portfolio in Italy with a high-value property in an excellent location.

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 370 billion (as at 30/09/2023) and 5.5 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 50 billion (as at 31/12/2023) in real estate assets.