Deka Immobilien has sold a Paris office property to BNP Paribas REIM, France. The property came from the open-ended real estate mutual fund Deka-ImmobilienEuropa, which bought it at the end of 2012. The parties agreed not to disclose the sale price.
The “47 Austerlitz” office building was built in 2003 and offers more than 22,600 sqm of leasable space and 132 parking spaces. It has been leased to the investment bank of the French savings bank group Natixis since its completion. The property is located in the established ZAC Paris Rive Gauche office submarket in the 13th arrondissement of Paris.
Given the approaching end of the lease for the main tenant Natixis in March 2021, asset management and vacancy risks were avoided by the sale. This transaction allows the fund management of Deka-ImmobilienEuropa to dispose of the property to the benefit of investors after a holding period of more than eight years with stable cash flows.
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