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Property fund manager Deka-ImmobilienFonds, part of Germany's DekaBank, said it has made its first investment in the Polish market, the acquisition of a commercial and office building in Wroclaw. The property, known as Bema Plaza, was acquired for the open-ended public fund Deka Immobilien for about EUR 106mln from Belgian developer Ghelamco Group.

Deka Immobilien said the eight-storey Bema Plaza comprises 24,000 m² in office space and 4,400 m² retail space and is nearly fully let. The anchor tenant, with around 13,700 m² of office space, is Google, while other tenant include companies like UPS, KPMG, Millennium Bank, Multi-Bank, Rossmann, Alior Polska and ING.

With the acquisition, the foreign share of the fund has increased to 17.7% from a previous 13.5%. Deka Immobilien said the purchases contributes to a sustained increase in the fund performance, while also increasing the tax-free share of the investor distribution.

Wroclaw is Poland’s fourth largest city and one of the country’s most important service, financial and marketing centres. The city has total office space of about 160,000 m² although Deka Immobilien noted that space is destined to increase significantly in coming years.