Press Release

Deka Immobilien buys office property in Portland

01.08.2019

Deka Immobilien GmbH acquired the "6Y" office building in Portland, Oregon, for 47.5 million US dollars. The sellers are KBS and True North Management Group. The property will be included in the portfolio of the open-ended real estate fund Deka-ImmobilienNordamerika (DINA).
 
The eleven-storey multi-tenant building is located in the heart of Portland's Central Business District, directly opposite Pioneer Square. This well-known meeting point and event location of the city is also known as "Portland's Living Room" due to its centrality. Built in 1955, the property has a rentable area of around 10,500 m² and is leased to ten parties on a long-term basis.
 
With this first investment on the American west coast, DINA's fund management is not only expanding the regional spread of the portfolio, but is also expanding the office share and increasing the tenant mix. The fund, which was launched in mid-July 2016, is aimed at private investors and is listed in US dollars. The investment focus is on commercial properties in the USA. In addition, properties in Canada and Mexico can be added. With this acquisition, the portfolio comprises seven properties with real estate assets of around USD 347 million.

About Deka

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 298 billion (as at 30/06/2019) and around 4.7 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).

Your contact

Dr. Daniela Gniss

Press officer

T +49 69 7147 2188

daniela.gniss@deka.de