Frankfurt, 23 July 2008
Deka Immobilien’s acquisition of the “Kluuvikatu 3, K3“ office and commercial property in Helsinki was its third investment in Finland this year. The company invested some EUR 50m to purchase a seven-storey building in the inner city centre from a subsidiary of Crownstone European Properties Ltd managed by Cambridge Place Investment Management. This property generates good rental income and was acquired for the WestInvest ImmoValue fund.
The building was redeveloped and repositioned by Cambridge Place Investment Management with the brand “K3” and offers more than 8,300 sqm of usable floor space, including around 2,000 sqm of high quality retail space on the ground and first floors. The tenants occupying this space include the fashion label Max Mara and the original head office of the “Fazer” chocolate maker and delicatessen, an important tourist attraction well-known outside the Nordic countries. The remaining upper storeys contain office space that was thoroughly renovated and leased out by the vendor recently. The sixth floor is available for lease, the vendor is covering this with a rental guarantee.
The purchaser was advised by Krogerus Attorneys on this deal, the Seller by Jones Lang LaSalle and White & Case.
In January Deka Immobilien purchased two retail properties in Turku and in June, invested in an office building in Helsinki designed by leading architect Alvar Aalto and leased to Stora Enso.
The DekaBank Group is the largest provider of open-ended property funds in Germany. The two capital investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, jointly manage fund assets of approximately EUR 18 bn. As an affiliate, Deka Immobilien GmbH is responsible for the acquisition and sale of real estate, asset management and providing all other property-related services, including product development. Together with DekaBank's Real Estate Lending unit, the three companies make up the Group's real estate asset management division.