Deka Immobilien has added an office campus on the west coast of Canada to its global real estate portfolio.
The office campus, consisting of two premium properties located in downtown Vancouver, is set to enhance the assets of the open-ended real estate fund, Deka-ImmobilienGlobal.
The seller is a joint venture between Oxford Properties and the Canada Pension Plan Investment Board.
Victor StoltenburgManaging Director of Deka Immobilien: ”By purchasing these core properties, we are continuing our countercyclical strategy. Last year we took advantage of the global real estate cycle to sell properties in the USA and Japan at a profit for Deka-ImmobilienGlobal. With the Vancouver acquisition, we are pleased to acquire two prime assets in the North American real estate market during a period of reduced activity.”
The transaction is characterized by attractive purchase conditions, as the fund, which is currently invested in 17 countries, can use real estate cycles to the advantage of its investors due to its global investment focus. Due to the favorable market phase, the first-class properties could be purchased at a very good price. Both buildings are LEED Gold and WELL certified. LEED focuses on energy and environmental design, while WELL focuses on the comfort, health and well-being of building occupants.
The office campus is located in the booming technology submarket of Vancouver’s Downtown District and covers an entire city block. In total, the two core office buildings have a rentable area of approximately 39,000 square meters and 235 parking spaces in an underground car park. Modern amenities such as fitness centers, lockable bicycle boxes and charging stations for bicycles and electric cars are available to tenants.
The 22-story office complex at 401 West Georgia Street was built in 1984/85 and renovated in 2020. It offers space for around two dozen tenants, including Aon Canada, Desjardins and a Michelin-star restaurant.
The adjacent nine-story building at 402 Dunsmuir Street was built in 2020 and is fully leased to Amazon Web Services Canada.
