Deka Immobilien GmbH has sold the office high-rise property Tour Cèdre in the La Défense district near Paris. Invesco Real Estate, the global real estate investment manager, and the independent fund manager, RedTree Capital have acquired the property as part of a joint venture agreement. The parties agreed not to disclose the sales price. The property comes from the portfolio of the open-ended real estate fund WestInvest InterSelect.
Tour Cèdre was built in 1998 and renovated in 2007. It offers around 29,000 m² of leasable space and 430 parking spaces, fully utilised by Electricité de France.
The sale allows the fund management of WestInvest InterSelect to further reduce the age of its property portfolio and reduce future profitability risks. After a successful holding period of around 13 years, sale of the property gives the fund freedom to make new investments in the core segment.
DekaBank is the Wertpapierhaus (securities services provider) of the German Savings Banks. Together with its subsidiaries it forms Deka Group, which has total costumer assets of approximately EUR 257 billion (as at 31/12/2016) and around four million securities accounts making it one of the largest securities services providers in Germany. It provides retail and institutional clients access to a wide range of investment products and services. DekaBank is firmly anchored in the Sparkassen-Finanzgruppe and designs its portfolio of products and services to meet the requirements of its shareholders and sales partners in the securities business.