With the acquisition of the Coral Gables, Florida “BAC Colonnade” property, Deka Immobilien is once again involved in the US investment market. For approximately USD 83 million, it acquired the class A office building for the open-ended property public fund Deka-ImmobilienGlobal. The purchase does not include the adjacent 157-key hotel that is part of the building complex. The seller is Crescent, a subsidiary of Morgan Stanley.

BAC Colonnade is located in the Coral Gables submarket, which has outstanding development potential due to its proximity to the airport and exclusive residential neighbourhoods. In addition, the proximity to the “Miracle Mile” shopping street enhances the site’s attractiveness. The Mediterranean architecture-style property was completed in 1989 and has a total surface area of 207,000 ft². The 19 tenants include Chevron Caribbean, BAC Florida Bank and Morton’s Steakhouse.

The DekaBank Group is the largest provider of open-ended property funds in Germany. The two capital investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, jointly manage fund assets of approximately €18 billion. As an affiliate Deka Immobilien GmbH is responsible for the acquisition and sale of real estate, asset management and providing all other property-related services, including product development. Together with DekaBank’s Real Estate Lending unit, the three companies make up the Group’s real estate asset management division.

Source: DekaBank