Deka Immobilien acquires mixed-use property in central Paris

Deka Immobilien has acquired a mixed-use property in Paris for approximately €33 million from a private owner. The asset will be added to the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa.

The building is located at 21 Avenue de l’Opéra and was constructed in the Haussmann style in the second half of the 19th century. It offers close to 2,500 sqm of leasable space, comprising offices, retail and residential units, and is currently occupied by four tenants.

In 2019, Deka Immobilien acquired the neighbouring properties at 23 Avenue de l’Opéra and 29 Rue des Pyramides for the same fund. Together with the newly acquired building, the properties form a contiguous ensemble. The retail areas on the ground floor, first floor and basement are leased to French retailer Monoprix, which has operated at this location between the Paris Opera and the Louvre in the first arrondissement for around 85 years, benefiting from sustained footfall and tourism.

According to Deka Immobilien, the transaction allows the fund to consolidate its holdings in Paris’s central business district by adding the remaining property within the block. The combined ownership is expected to support coordinated asset management and offer greater flexibility in responding to future market developments and tenant requirements through potential physical and operational links between the buildings.