Press Release

Deka Immobilien acquires retail property in the USA

14.12.2018

Deka Immobilien GmbH has acquired a retail property in New Jersey, USA. The sellers are Invesco and Advance Realty. The real estate is to be added to the portfolio of the open-ended real estate fund Deka-ImmobilienNordamerika (DINA). The parties agreed not to disclose the purchase price.

The single-story retail park “Paramus Junction“ was built in 1992 and revitalised in 2017. The park comprises approximately 70,000 ft² of retail space plus 391 parking spaces and is 100% leased to three tenants – the shoe outlet DSW, the Asian supermarket chain HMart, alongside the specialist retailer, PetSmart. The property is located approximately 16 miles from Manhattan, within the long-established destination-retail location of Paramus. The micro-location of the property on Route 17 profits considerably from the proximity of the Garden State Plaza, the largest shopping mall in New Jersey, which is located directly opposite.

With this acquisition, Deka’s North American fund is able to expand its retail allocation whilst reflecting its strategy to acquire retail properties in regions with both higher-than-average income, and that are leased to operators that can demonstrate some immunity to the effects of internet-shopping. The fund, launched in mid-July 2016 is targeted at wealthy private investors and is denominated in US Dollars, with a specific focus on commercial property in the USA. In addition, the fund is also able to acquire real estate in Canada and Mexico to add further diversity.

About Deka

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).

Your contact

Christian Pommée

Press officer

T +49 69 7147 7761

christian.pommee@deka.de

Dr. Daniela Gniss

Press officer

T +49 69 7147 2188

daniela.gniss@deka.de