Deka Immobilien acquires office property in Paris from LaSalle for €165m

Deka Immobilien has acquired the Sainte Cécile, an office property in Paris, from the Encore+ real estate fund managed by LaSalle Investment Management for €165 million ($195 million).

The asset was acquired in March 2020 on behalf of LaSalle’s pan-European open-end fund, Encore+, as part of a sale-leaseback transaction with BNP Paribas.

The property is to be added to the portfolio of the WestInvest ImmoValue open-end real estate fund designed for institutional investors.

The office building is fully leased. The Sainte Cécile property was revitalized in 2004 to a multifunctional, modern office building with a rentable area of approximately 9,400 square meters (101,000 square feet) and 109 parking spaces as well as a spacious inner courtyard. It was created by merging three formerly independent neighboring buildings from the 20th century.