Deka Immobilien has acquired an office building in Dublin for a headline price of EUR 153 million to add to the starting portfolio of its new open-ended real estate fund Deka-ImmobilienMetropolen. Hanover Quay Property Development Company Ltd. a subsidiary of Park Developments Group sold the office building, which was completed in April 2019. “The Reflector” offers around 11,500 m² of flexibly divisible space and 34 parking spaces. It is fully leased to four tenants under long-term leases, with Airbnb being the main tenant.
The property is located in the Dublin Docklands near the Grand Canal Dock. This location has become the most popular office area for tenants looking for large spaces in the past 15 years. The property has received Leadership in Energy and Environmental Design (LEED) Gold certification.
Deka Immobilien acquired the first property for Deka-ImmobilienMetropolen, which began distribution on 2 January 2020, at the end of December. The new fund is aimed exclusively at retail investors and will make currency-hedged investments worldwide in commercial properties located in dynamically growing metropolitan areas. The target investment markets are chosen using a city selection model based on the long-term drivers of growth – globalisation, urbanisation, ecology and new working environments.
A third investment will be added to the starting portfolio soon.
DekaBank is the Wertpapierhaus (securities services provider) of the German Savings Banks Finance Group. Together with its subsidiaries it forms Deka Group, which has total customer assets of around EUR 306 billion (as at 30/09/2019) and around 4.7 million securities accounts, making it one of the largest securities services providers and real estate asset managers in Germany. It provides retail and institutional clients access to a wide range of investment products and services. DekaBank is firmly anchored in the Sparkassen-Finanzgruppe and designs its portfolio of products and services to meet the requirements of its shareholders and sales partners in the securities business.
The Deka Group’s global real estate expertise is pooled in its Real Estate Division. The two investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, manage and service around EUR 40 billion in real estate assets (as at 31/12/2019).