Deka Immobilien Investment GmbH has sold the Diagonal Mar shopping center in Barcelona for approximately €300 million to investors represented by Quinlan Private, an Irish property company.
"Until now, the shopping center belonged to the portfolio of DekaImmobilienFonds. This fund is now being repositioned to focus more heavily on the German property market. The currently high purchase prices in Europes markets, mainly driven by interest rates, are providing us with excellent opportunities to gradually reduce the portfolios share of foreign properties and generate value for our investors by applying a buy and sell strategy," commented Reinhardt Gennies, chairman of the board of Deka Immobilien GmbH. As a result of this transaction, the funds foreign holdings have dropped as planned from 18.2 to 13.4% of the total.
Deka-ImmobilienFonds acquired the Diagonal Mar shopping center in March 2002 from project developer Hines for €242 million. The center has about 87,000 m² of retail space on three levels, 59,000 m² of which were owned by Deka-ImmobilienFonds. The rest 28,000 m² continues to be held by the Al Campo chain of department stores.
Source: Deka Immobilien