Deka Immobilien buys another property in France (DE/FR)

Deka Immobilien GmbH has acquired the fully-let Opéra Gramont office complex in the financial district of Paris for around €75 million.


The Opéra Gramont office complex is located in the financial district of Paris.

The new acquisition now forms part of the property assets of the WestInvest ImmoValue open-ended mutual property fund, which is geared to institutional investors. The complex was sold by the REIS group of companies, part of the Santander Real Estate Advisory program.

Built in the Haussmann style, the office property comprises three buildings that are connected by inner courtyards and boasts total floor space of approximately 8,000 m² on six floors as well as 57 underground parking spaces. A comprehensive modernization and upgrade of the building was completed in 1998 and 2000, retaining the listed historical facade.

Coty Inc., a global perfume and cosmetics group, is the sole tenant of the building. The site is in a prime location between the opera house and former stock exchange building, an area characterized by historic buildings, most of which are house offices and retailers.

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 at June 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 (AMI).

Source: DekaBank

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