The German fund Deka has established the Spanish market as one of its main investment objectives, as well as Germany and England. The person in charge of the management of the fund Deka Immobilien Investment in Europe, Esteban de Lope, declared yesterday that “until now Spain was a plan B”, but it now it is a priority again. “The recovery of the Spanish economy will be a hard and slow process, and therefore we are in no hurry, but the moment to buy has arrived”, he added.
Deka, that manages a patrimony of 177.000 million Euros, is searching for well located office buildings in Madrid and Barcelona. “We do not care if the buildings are in need of refurbishing or are looking for tenants: our priority is the location”, he pointed out.
The German fund has recently closed acquisition for 500 million Euros in London and 300 million in Paris. “These are very expensive assets, but also very stable”. Spain, however, “after the adjustment of the last few years, can offer a much more interesting development”, De Lope pointed out.
Deka intends to invest on the long term, from ten to twenty years. Today the German fund inaugurates the reform carried out on the Alta Diagonal building, in Barcelona, acquired for 165 million Euros.