Deka Immobilien GmbH has acquired the Tesco Distribution Centre in the Prague metropolitan area in the Czech Republic. The logistics property is part of the portfolio held by the open-ended property fund Deka-ImmobilienEuropa. The vendor is Tesco Group PLC, the world’s third largest grocery retailer. The purchase has been implemented as part of a sale and lease-back agreement. Cushman & Wakefield acted on behalf of Tesco Group PLC.

The floor area of around 60,100 sqm is fully let on a long-term basis to Tesco Stores CR, a subsidiary of Tesco Group PLC. The property is situated in an established logistics location with good transport links only 14 km outside Prague. This is the second purchase of a Tesco logistics facility for Deka-ImmobilienEuropa in 2009.

In summer, the fund invested some €34 million in a property in the Warsaw metropolitan area, Poland.

The DekaBank Group is the largest provider of open-ended property funds in Germany. The two investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, together manage fund assets of over €20 billion. As a sister company, Deka Immobilien GmbH is responsible for the acquisition and disposal of properties, management of these assets and all other property services as well as for product development. Together with the Real Estate Lending Unit of DekaBank, the three companies form the Group’s Asset Management Property (AMI) business division.

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