- What The Germany-based company bought a two-building complex totaling 415,000 sq ft
- Why The deal diversifies Deka’s global portfolio
- What’s next Deka continues to pursue a counter-cyclical strategy
Deka Immobilien closed its purchase of a two-building office complex in downtown Vancouver.
The properties, at 401 West Georgia Street and 402 Dunsmuir Street, have a combined leasable area of around 415,000 sq ft. One source put the sales price at about $300 million. CBRE brokered the deal for the seller, a joint venture between Oxford Properties and Canada Pension Plan Investment Board.
The properties are fully leased to about two dozen tenants. The rent roll at the 22-storey 401 West Georgia includes AON Canada and Desjardin. The nine-storey 402 Dunsmuir, which was completed in 2022, is fully leased to Amazon Web Services Canada.
Amenities include fitness centres and car and bike charging stations. There are 235 parking stalls in an underground garage.
Frankfurt, Germany-based Deka, which announced the deal on March 8, said it would help diversify the company’s global portfolio, which is focused on prime real estate in major cities around the world.
Victor Stoltenburg, managing director of Deka, said the purchase continues the company’s counter-cyclical strategy.
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