Deka Immobilien buys office and retail building in Poland for €148 million (PL/DE)

Deka Immobilien GmbH has acquired the 'International Business Centre', an office and retail building, in Warsaw for approximately €148 million. The property is fully let and will form part of the portfolio of open-ended mutual property fund Deka-ImmobilienEurope.


the 'International Business Centre' has a total lettable area of around 37,000 m².

The vendor is an institutional European property fund of Munich-based GLL Real Estate Partners GmbH. Built in 2002 and extended in 2007, the 'International Business Centre' has a total lettable area of around 37,000 m² with around 2,500 m² used for retail. The property has 19 tenants overall. The main tenants are auditors PricewaterhouseCoopers. The office building is located in the city centre district of downtown Warsaw and has excellent local public transport links.

Following the acquisition, the share of the fund attributable to Poland has increased from 4.3% to 5.6%. The fund now has a total of eight Polish properties in its portfolio with a combined fair value of around €590 million.

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 €23.5 billion (as of September 30, 2012). 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.

Source: DekaBank

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