Deka Immobilien GmbH has secured the building complex “The Park” in Prague under a purchase agreement with a controlled affiliate of global private investment firm Starwood Capital Group. Under the terms of the transaction—which were not disclosed—the office park will be transferred to the new institutional fund Deka-Immobilien Fokus Prag (DIFP). The fund will be launched when the sale is closed, which is expected to take place at the end of October.
“The fund is the first product in the new ‘Club Deal Series’ that we plan to expand steadily in the coming years in response to increasing demand from institutional investors for custom-tailored real estate investments,” said Torsten Knapmeyer, Managing Director of Deka Immobilien. The Park property is both the starting and target portfolio of the Fund.
The complex consists of 12 office buildings that were built between 2003 and 2008 a campus-style formation, with a central plaza on a property approximately 75,000 sqm in size. The 116,000 sqm of leasable space is occupied primarily by international technology companies. The 50 tenants include companies such as DHL, Honeywell, CA Technologies and IBM, together with several retailers and restaurant companies. The Park is located southeast of the city centre in Prague 4 (Pankràc)—the biggest office submarket in the Czech capital.
DekaBank is the Wertpapierhaus (securities services provider) of the German Savings Banks. Together with its subsidiaries, it forms the Deka Group, which has total customer assets of around €245 billion (as at 30 June 2016). 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, and the service company, Deka Immobilien GmbH, manage and service around €29.5 billion in real estate assets (as at 31 December 2015).