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Deka Immobilien invests €257m in Munich

by Andrea Waitrovich

Deka Immobilien GmbH has agreed to acquire the Theresie building complex in Munich from a subsidiary of Ivanhoé Cambridge for approximately €257 million ($344 million).

The complex includes six buildings covering a total area of approximately 753,473 square feet. Office space accounts for approximately 592,015 square feet with 64,583 square feet of retail space, 53,819 square feet of residential space and 4,000 square meters of storage space. The Theresie building is fully leased and located in the center of Munich near the Theresienwiese.

The building complex was constructed in 2003 and currently has 40 commercial tenants. Primary tenants include the Staatliche Lotterieverwaltung as well as the Loyalty Partner Group, which is owned by American Express. The complex is currently in the process of acquiring a LEE

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