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 Bank Finance Group. Together with its subsidiaries it forms the Deka Group. The Deka Group has total customer assets of around EUR 283 billion (as at 31/12/2017) and more than four million securities accounts, making it one of the largest securities services providers and real estate asset managers in Germany today. It provides retail and institutional clients access to a wide range of investment products and services. DekaBank Deutsche Girozentrale celebrates its 100th anniversary in 2018.
The Deka Group’s global real estate expertise is pooled in its Real Estate Division. The two investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, and the service company, Deka Immobilien GmbH, manage and service around EUR 32 billion in real estate assets (as at 31/12/2017).