Press Release
Deka Immobilien sells retail property in Spain
Frankfurt, 31.07.2024
Deka Immobilien has sold retail space in a part-owned building in Valencia for around EUR 30 million. Mutualidad de la Abogacia, an insurance company for lawyers and engineers in Spain, acquired the property from the portfolio of the open-ended real estate fund WestInvest InterSelect.
Built in 1978 and renovated in 2024, the property at Calle Colón 11 in Valencia comprises almost 1,800 sqm of retail space. The upper floors of the building contain apartments that are not part of the transaction. The property in a prime retail location is situated on the main shopping street of Spain's third-largest city and is fully let to Zara Espana.
The sale of the retail property Calle Colón 11 is part of the fund management's ongoing portfolio optimization.
About Deka
DekaBank is the securities services provider of the German Savings Banks Finance Group (Sparkassen-Finanzgruppe). Together with its subsidiaries it forms Deka Group. With total customer assets of EUR 381 billion (as at 31/12/2023) and 5.5 million securities accounts, DekaBank is one of the largest securities services providers and real estate asset managers in Germany. DekaBank is a wholly owned subsidiary of the German Sparkasse savings banks and forms an integral part of the Sparkassen-Finanzgruppe.
The Deka Group's global real estate expertise is pooled in its Real Estate Division. The management companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH provide management and support for around EUR 50 billion (as at 31/12/2023) in real estate assets.
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