Deka Immobilien GmbH has exchanged contracts to secure the purchase of the Flintholm Company House II office building in Copenhagen for around EUR 45 million. The seller is the project developer NCC. After completion, the property will be added to the portfolio of the open-ended real estate fund WestInvest ImmoValue, which is exclusively aimed at institutional investors.
The high-quality office building is scheduled for completion in November 2019 and provides close to 9,800 m² of leasable space and 161 parking spaces. It is fully leased under a long-term lease to the advisory company Ernst & Young (EY), which will establish its Denmark headquarters there. Efforts are being made to achieve DGNB Gold certification for sustainable construction.
The building is located in the Flintholm district of Frederiksberg, which is part of the Greater Copenhagen area. Flintholm is becoming a new first-class office location in the Danish capital, in part due to its excellent access to public and private transport.
This transaction represents the first time in more than ten years that Deka Immobilien has invested in Denmark, and allows the fund to acquire a top property that promises to provide long-term regular income.
The buyer is being represented by the local advisory firm Capital Investment for this investment.
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).