Deka Immobilien sells office building in Paris (DE/FR)

Deka Immobilien GmbH has sold the office building 'Axe France' in Paris for approx. €166 million to a pool of French investors advised by DTZ Asset Management.

The property was acquired in 2004 for the Deka-ImmobilienGlobal open-ended mutual property fund. The office building, which was completed in 2001, is located in the 13th arrondissement of the French capital and offers a total net lettable area of 22,000 m². On behalf of the vendor BNP Paribas Real Estate was engaged as a consultant.

In recent years, the property has benefitted from the rejuvenation of the area and, following a new lease in 2010, has become an attractive proposition for institutional core investors. This sale is thus an example for the anti-cyclic transaction strategy of the fund, as it is utilizing the current high level of demand for core property to generate a sales profit.

Source: DekaBank

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