Deka Immobilien makes new investment in Asia (JP/DE)

The Urban Terrace property in Osaka is the second class A property that Deka Immobilien has secured in Japan in a matter of a few weeks. The three-building complex is centrally located in the inner city and was completed in 2006 by the Japanese project developer Urban Corporation. Deka acquired the complex for approximately €66 million. The architecturally attractive property is located in a central shopping district close to two railway stations and is fully leased. Urban Terrace was acquired for the globally investing Deka-ImmobilienGlobal mutual fund, which now holds four Japanese properties in its portfolio.

This was the seventh transaction for Deka Immobilien in Japan. The central asset manager of the German Savings Banks Finance Group was able to successfully close the second transaction with Urban Corporation after having bought the Urban Building Shinsaibashi a few weeks ago. Deka Immobilien values the relationship that has been built up with Urban Corporation, recognized as a preeminent real estate developer across Japan.

"The Japanese commercial property market offers great potential and will continue to provide stable growth. It will therefore also continue to play an important role in our global investment strategy," stated Dr. Matthias Danne, Management Board member of DekaBank and responsible for the property asset management division.

The international credit crunch has had little effect to date on the Japanese economy and investment market. This means that the chances are good that the upswing, which is now solidly supported by the domestic economy, will continue for some time. Japan also continues to benefit from its location in the center of a high growth region. Transaction volume in the Japanese investment market rose by 15% in 2007 to USD 60 billion. Although the commercial property market is still dominated by domestic companies, foreign investors are becoming increasingly active. Osaka has a population of 2.6 million, making it the third largest city in Japan. Its total office space amounts to approximately 10 million m². At the same time, Osaka is the second largest retail market, with 55,000 stores. The city is also the focus of new property projects. Eight of the 17 major national projects are being developed in Osaka city and the surrounding area.

The DekaBank Group is the largest provider of open-ended property funds in Germany. Together, the two capital investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft f

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