Deka fund buys Stadttor in Düsseldorf

German investor Deka Immobilien has purchased Stadttor in  Düsseldorf from a fund of Hannover Leasing, a Corestate Capital Group subsidiary, marking the debut for one of its major funds in the northern German city.

Financial details were not disclosed. However, well-informed sources told PropertyEU that the building was expected to fetch a price in excess of €200 mln. The landmark 84 metre skyscraper in the Unterbilk neighbourhood features a 15-story atrium and has a total gross floor area of some 30,000 m2. CBRE advised on the deal.

Deka acquired the office tower at Medien-Hafen for its open-ended real estate fund WestInvest ImmoValue. 

The property was built in 1998 and comprises 520 parking spaces. It has nine long-term tenants and is certified to LEED Silver standard, and DGNB Gold.

According to Deka, following the deal the fund is now invested in all seven top office locations in the country.


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