Deka Immobilien has acquired the Theodore office building in Paris from AG Real Estate for around €80 mln. The property will be added to the Deka-ImmobilienMetropolen (DIM) open-ended real estate fund.
The 19th-century has recently been completely restructured into a modern, multi-functional office building, allowing efficient use of space in accordance with international market standards, while preserving its historical character. The building is just under 3400 m2 and is fully leased to the sporting goods manufacturer Adidas, which uses open-space workplaces as well as professional showrooms for presenting goods to BtoB clients. The building is located in the 9th arrondissement, close to the Saint-Lazare railway station.
Deka Immobilien acquired the first property for Deka-ImmobilienMetropolen - which began distribution on 2 January 2020 - in London at the end of December 2019. 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.