Deka Immobilien GmbH has sold a logistics complex at 311-315 Half Acre Road in Cranbury, New Jersey. It was previously held in the property portfolio of Deka-S-PropertyFund No. 1, one of the asset manager’s individual funds.
The building provides lettable floor space totaling around 88,000 m², which is divided into storage space of approximately 85,000 m², connected office premises of 2,000 m² and some 1,000 m² of retail space. Duke Realty, a US property company listed on the New York Stock Exchange, is the buyer. The parties have not disclosed the transaction value. This property is located at Exit 8A in the northern part of the New Jersey Turnpike. Originally built in 2002, the complex at 311-315 Half Acre Road was extended in 2007.
Deka Immobilien GmbH has exploited rising demand for large logistics properties to achieve a profit on this sale which will benefit fund investors.
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 €24 billion (as of 31 March 2013). 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.
Source: Deka Immobilien