Deka buys Utoschloss in Zurich
Deka Immobilien GmbH has acquired the Utoschloss office property on the shores of Lake Zurich. The listed property on Utoquai will be added to the portfolio of the open-ended mutual property fund Deka-ImmobilienEuropa.
The historic city palace with a neo-baroque limestone facade is considered a "pearl on Lake Zurich". It was built around 1900 and thoroughly renovated in 1990. The property comprises around 4,000 sqm of leasable space and is fully let to five users.
With the purchase, the fund management of Deka-ImmobilienEuropa completes its market entry into Switzerland. The fund is now allocated to 15 European countries.
The parties have agreed not to disclose the purchase price or the seller.
DekaBank is the Wertpapierhaus of the savings banks and, together with its subsidiaries, forms the Deka Group. With total assets of around 240 billion euros (as at December 31, 2015) and around four million securities accounts under management, it is one of the largest securities service providers in Germany.
In the Real Estate business division, the investment companies Deka Immobilien Investment and WestInvest together with Deka Immobilien manage real estate assets of around €29.5 billion (as at December 31, 2015). DekaBank's property financing business represents the second main pillar of the business division, with a new business volume of around €2.5 billion per year. (ah)
