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.