Deka Immobilien GmbH has acquired a modern office property in Prague. Completed in 2008, the high-quality Gemini building offers almost 40,000 m² of lettable space situated close to the city center in Prague 4, one of the established office districts in the Czech capital.
The Gemini building is currently let to 29 international and national tenants.
The property is currently let to 29 international and national tenants, the three biggest being Hill's Pet, Unipetrol and Novartis. The property was acquired for the open ended-property fund Deka-ImmobilienEuropa, which has a total volume of over €10 billion. If the building is fully let, the purchase price for the building will be around 110 million. The vendor is the Austrian property investment company Sparkassen Immobilien AG.
The DekaBank Group is the largest provider of open-ended property funds in Germany. The two investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, together manage fund assets of over €20 billion. 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.