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Deka Immobilien Increases Italy Portfolio

MILAN-The Frankfurt-based fund manager pays a Whitehall Funds subsidiary slightly more than 93 million euros (USD$121.6 million) for the 312,000-sf Via G.B. Pirelli 35 office building here that is fully leased on a long-term basis by Telecom Italia.

By Brian K. Miller | Updated on November 23, 2004

MILAN-Deka Immobilien Investment GmbH has bolstered its Italy portfolio with the acquisition of the fully leased, 312,000-sf Via G.B. Pirelli 35 office building here for slightly more than 93 million euros (USD$121.6 million). The property was sold by a real estate company belonging to Whitehall Funds.The class A office property is situated in the center of the metropolis. The E-shaped office building erected in the 1960s has 10 floors and parking for 60 cars. It is the operational headquarters of Telecom Italia, which committed to lease the building for at least another 10 years, a local source tells GlobeSt.com.Milan has 10 million square meters of office space and is home to the head offices of some 400,000 companies. Via G.B. Pirelli 35 will be placed in the portfolio of Deka-ImmobilienEuropa, which has a current value of 9.7 billion euros. In Germany, Deka Immobilien is the market leader in the open-ended real estate funds segment and is currently managing total assets in the value of some 19 billion euros in three investment funds open to the general public and eight for institutional investors.

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