News Column

The "Theresie" building complex secured for 257 million euros in purchase agreement from IvanhoÉ Cambridge

August 11, 2014



FRANKFURT, Aug. 11, 2014 /CNW Telbec/ - Deka Immobilien GmbH has signed the purchasing rights to the "Theresie" building complex in Munich for approximately 257 million euros, with a subsidiary of  Canadian real estate company IvanhoÉ Cambridge. The complex includes six buildings covering a total area of approximately 70,000 square meters. Offices make up approximately 55,000 square meters with 6,000 square meters of retail space, 5,000 square meters of residential property and 4,000 square meters of storage space. Currently the building complex constructed in 2003, has 40 commercial tenants. The primary tenant is the Staatliche Lotterieverwaltung (Bavarian government agency that runs the state lottery) as well as the Loyalty Partner Group, which operates the Payback Customer Bonus System and is owned by American Express.

The "Theresie" ensemble is fully leased and located in the centre of Munich near the Theresienwiese and has excellent public transport connections. The complex is currently in the process of acquiring a LEED Gold certification for sustainability.

About the Deka Group:

DekaBank is the investment company for Germany's Sparkasse banks. DekaBank and its subsidiaries form the Deka Group, which has around EUR 170 billion in assets under management (as at 31 December 2013) and around four million securities accounts, making it one of the largest investment services providers in Germany. It provides access to a broad range of investment products and services for private and institutional investors. DekaBank is strongly anchored in the Sparkassen-Finanzgruppe and develops its portfolio of products and services to satisfy the requirements of its shareholders and its distribution partners in the securities business.

The Deka Group's global property expertise is pooled in its Real Estate Division. The two investment companies Deka Immobilien Investment GmbH and WestInvest Gesellschaft fÜr Investmentfonds mbH, and the service company Deka Immobilien GmbH were managing and servicing EUR 24.9 billion in real estate assets as at 31 December 2013 (fund assets of EUR 25.1 billion according to the BVI method). DekaBank's real estate financing business is the second key pillar of this division, generating around EUR 2.5 billion in new business each year.

About IvanhoÉ Cambridge

IvanhoÉ Cambridge is a world-class real estate company that leverages its high-level expertise in all aspects of real estate including investment, development, asset management, leasing and operations, to deliver optimal returns for its investors. Its assets, held through multiple subsidiaries and located mainly in Canada, the United States, Europe, Brazil and Asia, totalled more than Cdn$40 billion as at December 31, 2013. Its portfolio consists mainly of shopping centres, office and multiresidential properties. IvanhoÉ Cambridge is a real estate subsidiary of the Caisse de dÉpÔt et placement du QuÉbec (lacaisse.com), one of Canada's leading institutional fund managers. For further information: ivanhoecambridge.com.

 

SOURCE IvanhoÉ Cambridge


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Source: Canada Newswire


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