Deka Immobilien GmbH has acquired partial ownership of a commercial building in Sydney for around EUR 36 million. The property was sold by an international investor and will be added to the open-ended real estate fund Deka-ImmobilienGlobal.
Originally built as a hotel in 1914, the building was converted to an office building with ground floor commercial space in the 1960s. Partial ownership is being acquired in around 950 m² of space in the building, all of which is leased under a long-term lease to the luxury brand BVLGARI Australia. The space is divided between three floors, with the recently modernised ground floor and first lower level being used for retail and the first floor for offices.
The property lies in the heart of Sydney’s city centre in the luxury retail area on Castlereagh Street. Many luxury brands, such as Chanel, Louis Vuitton, Dior and Cartier, have located there. The position offers excellent access to local public transport.
This purchase of top retail space allows fund management to further expand the Deka-ImmobilienGlobal portfolio in the Asia-Pacific region and increase diversification across types of use.
DekaBank is the Wertpapierhaus (securities services provider) of the German Savings Banks Finance Group. Together with its subsidiaries it forms Deka Group, which has total customer assets of around EUR 288 billion (as at 30/09/2018) and around 4.6 million securities accounts, making it one of the largest securities services providers and real estate asset managers 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.
The Deka Group’s global real estate expertise is pooled within 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 36 billion in real estate assets (as at 31/12/2018).