Deka special fund invests in Switzerland for the first time
The German Deka Immobilien GmbH has acquired an office and commercial building in Switzerland for around CHF 30 million. The seller of the Geneva property is Lachenal Properties S.A., whose shareholders are international investors.
The eight-story office and commercial building comprises a leasable area of around 2,500 square meters and an underground garage with 16 parking spaces. It was built in 1973 and partially renovated in 1995 and 2006. The main user of the multi-tenant property is the tax and legal consulting firm Fidial. CBRE acted as advisor to the seller, Lachenal Properties.
The property is intended for the portfolio of the special real estate fund S-Domus-Fonds No. 1. The architecturally striking building is located in the historic business center of Geneva. With this purchase, the fund management of S-Domus-Fonds No. 1 completes its market entry into Switzerland and "diversifies the portfolio in a stable country in Europe," Deka Immobilien announced.
DekaBank is the securities house of the German savings banks. Together with its subsidiaries, it forms the Deka Group with total assets of around €283 billion. Its investment companies Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, together with the service company Deka Immobilien GmbH, manage and administer real estate assets of around €30 billion (as at December 31, 2016).
