Deka Immobilien has acquired an office property in Paris for EUR 165 million. The seller was the real estate fund Encore+ managed by LaSalle Investment Management. The property will be added to the portfolio of the open-ended real estate fund WestInvest ImmoValue, which is intended for institutional investors.
The “Sainte Cécile” property was revitalised in 2004 into a modern, multi-functional office building offering around 9,400 m² of leasable space, 109 parking spaces and a generous inner courtyard. It was created by combining three formerly independent neighbouring buildings from the 20th century.
The prestigious office building is fully leased to the renowned bank BNP Paribas. It is located in the lively 9th arrondissement, in the immediate vicinity of the historical central business district of Paris between the opera and stock exchange, and offers good access by public and private transport. This acquisition expands the WestInvest ImmoValue portfolio with a high quality office building in an excellent city centre location in Paris.
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).