Deka Immobilien enters market in Chile (DE)

Deka Immobilien has acquired an interest in the Torre la Portada Titanium project development in Santiago de Chile on behalf of Deka ImmobilienGlobal open-ended property fund. The seller of the approximately 80% holding is Immobiliaria Titanium, a joint venture of the largest Chilean developer Sencorp SA and Bethia SA, one of the largest groups in the country.

The office complex will be completed in October 2009. The total leasable area of Torre la Portada Titanium amounts to nearly 80,000 m². The building is located in Las Condes, the best and most important location for office-space in the Chilean capital. "We have taken a long close look at the Chilean market in the past," states Thomas Schmengler, managing director of Deka Immobilien GmbH. "The acquisition of the Class-A property now provides a clear indication: in the future, we will continue to keep an eye on the commercial property market in South America." The purchase price of the 52-story building will depend on the realized letting level and would be in the range of approximately €160 to 190 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 f

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