Deka Immobilien sells office portfolio in the Netherlands

Largest portfolio deal in 2017 so far

Deka Immobilien has sold the “Liv Portfolio” in the Netherlands for around EUR 360 million. The package of 13 office buildings was acquired by an affiliate of the US company Fortress Investment Group LLC. Eight of the properties come from the open-ended real estate fund WestInvest InterSelect, and three from the open-ended real estate mutual fund Deka-Immobilien Europa. The remaining two properties come from two different institutional funds.

The properties provide a total of more than 175,000 m² of leasable space and 2,287 parking spaces. The properties are distributed over seven locations, most in the Randstad metropolitan area, which includes the cities of Amsterdam, Utrecht, Rotterdam and The Hague, among others.

Fund management used this transaction to sell mostly small properties with an average holding period of more than 15 years from the fund portfolios. Since 2011, WestInvest InterSelect and Deka-ImmobilienEuropa have made investments of more than EUR 500 million in core properties in the Zuidas district and city centre of Amsterdam and modernised other portfolio properties.

JLL advised Fortress during this transaction and DeBrauw was involved as legal advisor. CBRE and Baker & McKenzie acted on behalf of Deka Immobilien.