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TOKYO-The German fund management company Deka Immobilien has acquired the fully-leased Don Quijote retail building here for about 75 million euros ($90.3 million) on behalf of the mutual property fund Deka-ImmobilienGlobal. The purchase marks the first investment in Asia by the fund, which has 2.1 billion euros ($2.53 billion)under management.The building has approximately 8,300 sm (89,340 sf) of retail space on nine floors that is fully leased on a long-term basis to the locally based and publicly traded Don Quijote discount department house chain. The asset is located in Chiyoda-ku, one of the Japanese capital’s five principal districts which surround the Imperial Palace. In its immediate vicinity, a large-scale office, retail and residential development will be completed by the end of 2006, presumably increasing the area’s long-term attractiveness for tenants and investors.While the building is the first Asia asset in the Deka-ImmobilienGlobal fund, it is the fourth Tokyo building acquired by Deka Immobilien. In 2002 it became the first German open-ended property fund operator to acquire properties in Tokyo, the world’s largest contiguous property market, and in June 2004 it bought the TK Shinbashi Building for 37 million euros ($44.5 million). Its Japanese portfolio is now valued at 200 million euros ($240.8 million).Deka Immobilien Investment GmbH, which belongs to the Sparkasse Financial Group, is Germany’s largest operator of open-ended property funds. Its funds, which have total assets of 19 billion euros, hold investments in 17 countries on four continents; over half of the properties are outside Germany.According to the company’s website, Deka-ImmobilienGlobal was launched in October 2002 and was the very first German fund with a primarily international investment strategy. One-third of the investments are made in each of three regions: Europe, the US, and Asia/Pacific.

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