Deka Immobilien has acquired a high-rise office building in Montréal. The purchase price was not disclosed. The seller is Cadillac Fairview, a wholly owned subsidiary of the Ontario Teachers' Pension Plan. The property is to be incorporated into the portfolio of the open-ended real estate fund Deka-ImmobilienMetropolen (DIM).
The "Tour Deloitte" is considered one of the three best office high-rises in downtown Montréal with approx. 48,000 sqm of lettable space on 24 floors. The high-rise is fully leased to nine parties on a long-term basis. Deloitte, the renowned auditing and consulting firm, is one of the main tenants.
The property, built in 2015, is located on Rue Saint Antoine in the Ville-Marie district, the economic centre (CBD) of Montréal. The property offers a convenient location and is also directly connected to the "RÉSO" network, an underground pedestrian zone that connects the entire downtown Montréal. In addition, the Bell Centre, a well-known multi-purpose arena that serves as the venue and stadium of the Canadiens de Montréal ice hockey team, is in the immediate vicinity. The property was the first office tower to be built to the LEED Platinum standard for Design + Construction in the city and has Energy Star certification of 75 points.
With this largest transaction to date, the fund management is also making its first investment in a Canadian metropolis and securing a high-quality property with long-term leases in a prime location. The fund's active liquidity management makes it possible to exploit market opportunities for investments in order to participate in future growth trends.
