German fund manager Deka Immobilien has sold a mixed-use property on Berlin's main shopping street Kurf眉rstendamm to a private investor.
German fund manager Deka Immobilien has sold a mixed-use property on Berlin's main shopping street Kurf眉rstendamm to a private investor.
Private investment company Becker & Kries acquired the property from Deka's ImmobilienEuropa open-ended fund for 鈧�83 mln.
Built in 1897, the restored listed building at Kurf眉rstendamm 212-214 in Berlin West comprises 8,600 m2 of office space, 3,600 m2 of residential accommodation and 3,000 m2 for retail and warehousing.
Deka said the sale took advantage of an 'attractive market opportunity' to realise a profit for the fund's investors.
DekaBank is the largest provider of open-ended real estate funds in Germany. The investment companies, Deka Immobilien Investment and WestInvest manage 鈧�25 bn of assets at end-June 2013. Deka's real estate financing arm has a new business volume of about 鈧�2.5 bn per annum.
