Deka Immobilien has successfully sold a prime office complex in Paris for approximately €430m, securing a profitable exit after a 14-year holding period. The property, part of the open-ended real estate fund Deka-ImmobilienEuropa, has been acquired by leading French real estate company Gecina.
The prestigious complex, comprising three heritage buildings originally constructed in 1911, 1935 and 1964 before being merged into a single asset during a 2013 restructuring, offers approximately 32,000 m² of leasable space. The property also features 197 car parking spaces and 77 motorcycle bays. Located in Paris's prestigious 8th arrondissement near Saint Lazare railway station, the complex boasts strong sustainability credentials with LEED Gold certification and a BREEAM "Very Good" rating.
The transaction comes at a strategic moment for Deka, as the Rocher section of the building became vacant in April 2025 when the tenant vacated, while the Vienne section remains fully occupied by four tenants. Fund management decided to capitalise on robust investor appetite for trophy assets in core European locations, selling above both book value and original purchase price.
Industry analysts suggest the deal highlights a significant trend of German institutional investors recycling capital from mature European assets, potentially signalling increasing interest in emerging markets or alternative sectors offering higher yields. The transaction also demonstrates continued confidence in the Paris office market despite broader work-from-home trends affecting occupancy levels across Europe.
"This transaction allows us to avoid conversion risks while generating capital for new attractive investments," stated a representative from Deka. The sale reinforces Deka's reputation for strategic timing in market cycles, having maintained the asset through multiple economic fluctuations since its acquisition.
The deal represents one of the largest single-asset office transactions in Paris this year and underscores continued institutional faith in premium, ESG-compliant office assets despite broader market challenges.
Companies mentioned:
- Deka Immobilien - German fund manager and seller of the Paris office complex
- Gecina - Leading French real estate company and buyer of the property
- DekaBank Deutsche Girozentrale (DekaBank) - Parent company of Deka Group
- Deka Immobilien Investment GmbH - Management company within Deka Group's Real Estate Division
- WestInvest Gesellschaft für Investmentfonds mbH - Management company within Deka Group's Real Estate Division
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