Wednesday, 11 February 2026
In 2025, Deka Immobilien recorded higher purchases than redemptions in its open-ended real estate funds for private investors. The funds directly managed by Deka for retail clients achieved net sales of approximately €90 million during the year. For institutional real estate funds, which typically operate with lower volumes, the decline in net sales was less pronounced than in the previous year. Overall, the real estate business division reported positive net sales of around €20 million.
Net sales also remained positive at the start of 2026. In January, open-ended real estate funds for private investors recorded net sales of approximately €240 million, a figure that is traditionally influenced by reinvestments at the beginning of the year. In 2025, returns after costs for Deka’s large, established open-ended real estate funds ranged between 2.0 and 2.3 per cent.
Dr Matthias Danne, Member of the Deka Board of Management responsible for asset management, said: “The positive net sales in 2025 and the high reinvestment rate in January 2026 prove that investors have confidence in Deka’s fund management. And rightly so, because Deka’s funds have always generated positive returns to date. For 2026, we expect performance of between 2 and 3 per cent for the large, established funds. This proves that if open-ended real estate funds are structured and managed properly, they are indispensable for a diversified investment portfolio.”
During 2025, Deka completed 20 property sales with a combined volume of €1.53 billion and 12 acquisitions totalling €1.14 billion. Among the transactions, WestInvest InterSelect acquired an office property in Ireland, while Deka-ImmobilienEuropa expanded its portfolio with office buildings in central Paris and Cologne. At the beginning of 2026, further acquisitions were announced, including the purchase of the “Tour Deloitte” office tower in Montréal by Deka-ImmobilienMetropolen and a hotel property in Vienna added to the WestInvest InterSelect portfolio.
Danne added: “Our funds benefit from our consistent cash flow management, our focus on properties in prime locations and our decision not to engage in project development. This enables them to take advantage of investment opportunities arising in the current market environment. At present, Deka is the most active buyer among German providers of open-ended real estate funds. We are systematically leveraging the current market situation to further enhance the quality of our funds.”
The asset management volume of the real estate business segment stood at €55.2 billion at the end of 2025. Retail-focused open-ended funds managed directly by Deka recorded net sales of around €90 million during the year. Institutional funds reported net redemptions of approximately €105 million, compared with minus €330 million in the previous year. Deka’s retail property funds together account for a fund volume of roughly €40 billion.
Leasing activity in 2025 resulted in new rental agreements with a net annual rental volume of approximately €420 million. The overall occupancy rate across the portfolio reached 93.7 per cent at year-end.
