Deka Immobilien GmbH has acquired the 'Le Patio' office building in Marseilles for around 26 million. The property is almost fully let and has a total lettable area of around 8,900 m².
The main tenants are French state health insurance agency Caisse Primaire Centrale d'Assurance-Maladie (CPCAM) and a subsidiary of state utility company Electricité de France (EDF).
"With this first investment in Marseilles, our institutional funds are expanding their portfolios in regional locations in France," comments Torsten Knapmeyer, Managing Director of Deka Immobilien and WestInvest.
The office property was built in 2008 and is located in the Prado sub-market of Marseilles, in the city's historic central business district. Prado is the second largest office sub-market in the French harbor city after EuroMéditerranée.
The property will form part of the portfolio of Deka S-PropertyFund No. 2, an individual fund that is not subject to the German Investment Act. The vendor is Irish wealth management firm Custom House Capital. The advisers on the purchaser side included Freshfields Bruckhaus Deringer, Ingerop and Jusot et Assoc.
The DekaBank Group is the largest provider of open-ended property funds in Germany. The two capital investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, together manage fund assets of over 21 billion (as of November 30, 2010). As a sister company, Deka Immobilien GmbH is responsible for the acquisition and disposal of properties, management of these assets and all other property services as well as for product development.
Together with the Real Estate Lending Unit of DekaBank, the three companies form the Group's Asset Management Property business division.