Press releases
Deka Immobilien enters market in Singapore
Chevron House office property acquired for EUR 300 million
Deka Immobilien GmbH has acquired the Chevron House office building in Singapore for around EUR 300 million. The property will be added to the real estate portfolio of the open-ended mutual property fund Deka-ImmobilienGlobal. Chevron House was sold by a property fund of Goldman Sachs, a global investment banking and securities firm. Managing Director of Deka Immobilien GmbH Thomas Schmengler said, "We have taken advantage of a favorable moment to enter the Singapore market by acquiring a property in this prime location." The building features 33 storeys, offers floor space of approximately 24,400 sqm and is currently almost fully let. The main tenant in the property is Chevron International Pte Ltd, a multinational energy conglomerate. The striking high-rise office building is located in the city’s central business district at the highly frequented Raffles Place with direct access to the underground.
The DekaBank Group is the largest provider of open-ended property funds in Germany. The two capital investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, together manage fund assets of over EUR 21 billion (as of 31 August 2010). 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 business division.