Deka fund enters Italy with Milan sale-and-leaseback

Deka Immobilien has acquired the Italian office of the fashion company Dsquared2 in Milan on behalf of the Deka-ImmobilienMetropolen open-ended fund for an undisclosed amount.

Built in 1930, the five-storey asset, Ceresio 7/9, comprises a total area of around 8200 m2 and, in addition to the Italian office of the fashion label Dsquared2, houses the popular rooftop restaurant Ceresio 7, which boasts wonderful views of the Milan skyline and an exclusive fitness studio. The property, which the fashion company extensively revitalised in 2010, is fully leased on a long-term basis.

Ceresio 7/9 is centrally located in the Porta Volta district, directly next to Milan's newly constructed Central Business District, Porta Nuova.

Deka-ImmobilienMetropolen is aimed exclusively at private investors and makes currency-hedged investments worldwide in commercial properties located in dynamically growing metropolitan areas. The deal further diversifies the fund’s portfolio following recent acquisitions in Paris, London, Berlin, Dublin and Prague.

CBRE advised the vendor. C&W acted for the buyer.


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