Deka Immobilien secures project, buys office

Deka Immobilien has exchanged contracts to secure the purchase of the Südkreuz Offices development project at Südkreuz InterCity Express railway station in Berlin. The seller is LIP Ludger Inholte Projektentwicklung GmbH. Upon its anticipated completion in second quarter 2021, the new office building will be added to the portfolio of WestInvest ImmoValue, an open-end real estate fund aimed at institutional investors. The parties agreed not to disclose the purchase price.

The Südkreuz Offices development project is located in Berlin-Schöneberg and forms part of the Schöneberger Linse, a mixed-use development area between Südkreuz InterCity Express railway station and Schöneberg suburban railway station. The property comprises approximately 25,000 square meters (269,000 square feet) of leasable space across two building sections and 221 parking spaces in an underground garage. Currently, around 40 percent of this space has been leased on long-term leases to the German Ae