Deka Realkredit Klassik, a debt fund, has acquired a senior tranche of a commercial property loan from DekaBank. The tranche forms part of a financing, which DekaBank and Helaba have arranged for the acquisition of an office and commercial building in Paris. Completely renovated in 2005, the Haussman style property is located on the Champs-Élysées and has a total area of 10,500 m². Tenants include flagship stores such as sporting goods manufacturer Nike and fashion brand Tommy Hilfiger.
The financing in Paris represents a further investment by Deka Realkredit Klassik in a prime location of a European capital city. The fund's total portfolio now comprises 21 loans, 8 of which relate to property in France.
Deka Realkredit Klassik was launched in 2009 as the first debt fund under German investment law. The investment fund exclusively buys senior debt relating to existing commercial property. In respect of each prior-ranking tranche which Deka Realkredit Klassik acquires, DekaBank undertakes to hold a junior tranche equating to a minimum of 50% of the fund´s fraction until repayment of the loan. Deka Realkredit Klassik has fund assets amounting to approximately €370 million (as at 31 December 2013). The management of Deka Realkredit Klassig is rated AA+ "very good" by independent rating agency Scope.
Source: DekaBank
