Deka Immobilien Investment GmbH, Germany’s biggest manager of real-estate mutual funds, bought an office development in central Paris for as much as 330 million euros ($479 million).
Nexity SA sold the site near Paris’s Gare Saint-Lazare railroad station to Deka’s ImmobilienEuropa fund. The French developer will oversee the construction of the 31,830 square meters (342,615 square feet) of offices, restaurants, apartments and parking for 194 cars, according to a statement from Frankfurt-based Deka today.
The project, scheduled for completion at the end of 2013, involves the redevelopment of the site on rue du Rocher and rue de Vienne in the French capital’s 8th district, or arrondissement.
Deka Immobilien is a unit of DekaBank Deutsche Girozentrale, Germany’s regional savings banks.