Deka Immobilien has acquired the “23 Opéra” office and commercial building in the heart of the Paris central business district. The seller was OREIMA, the French independent real estate investment manager. The property will be added to the open-ended real estate fund Deka-ImmobilienEuropa. The parties agreed not to disclose the purchase price.
The mixed-use property has an outstanding city centre location on the route between the world-famous Opéra Garnier and the Louvre. The acquisition includes a number of building sections built in typical Haussmann style that provide a leasable space of around 9,900 m². The main tenant for the retail space is the French department store Monoprix, which has had a branch at this location for 80 years. The refurbishment of the office area in the upper stories that was recently concluded created modern office space suitable for the needs of top tenants. The property has received British BREEAM “In Use” certification for sustainable construction.
The acquisition allows fund management of Deka-ImmobilienEuropa to add a core property offering high versatility and secure long-term rental income to its French portfolio.
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 313 billion (as at 31/12/2019) and around 4.8 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 in its Real Estate Division. The two investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, manage and service around EUR 40 billion in real estate assets (as at 31/12/2019).