Press Release
Deka Immobilien sells an office complex in France at a profit
Frankfurt, 16.05.2025
Deka Immobilien has entered into an agreement to part with an office complex in Paris for approximately EUR 430 million. The property belongs to the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa. The buyer is Gecina, a leading French real estate company.
Comprising three buildings originally constructed in 1911, 1935 and 1964, the complex was restructured in 2013, and the various buildings were merged into a single complex that now comprises the Rocher and Vienne buildings. It offers around 32,000 sqm of leasable space, plus 197 parking bays for cars and 77 bays for motorcycles. The Rocher section has been vacant since the tenant moved out in April 2025, while the Vienne section is currently fully leased to four users. The property is located in the 8th arrondissement, close to Saint Lazare railway station. It has achieved the Leadership in Energy and Environmental Design (LEED) Gold standard and a "Very Good" rating by BREEAM, the British certification for sustainable construction.
Having held the property for 14 years, the fund management of Deka-ImmobilienEuropa is now selling the property above book value and over the original purchase price, thereby generating a profit for the fund. The fund is thus taking advantage of the strong demand on the investment market to sell a large-volume property. This will avoid conversion risks and generate funds for attractive new investments.
About Deka
Deka Group, consisting of DekaBank Deutsche Girozentrale and its subsidiaries, is the securities services provider of the German Savings Banks Finance Group (Sparkassen-Finanzgruppe). With total customer assets under management of 416 billion euros (as at 31.12.2024) and 5.7 million securities accounts, it is one of the largest securities service providers and real estate asset managers in Germany. Deka Group offers investment solutions and services for private and institutional investors and aligns its products with the requirements of its owners, the savings banks.
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 EUR 51 billion (as at 31/12/2024) in real estate assets.
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