Deka Immobilien secures two top-tier properties in Canada

Transaction | 2024-03-08

Deka Immobilien has contractually secured a prime office campus consisting of two premium properties on the Canadian West Coast in downtown Vancouver. This acquisition is intended to be incorporated into the portfolio of the open-ended real estate fund Deka-ImmobilienGlobal. With this transaction, the fund expands its global diversification and continues to focus on prime real estate in major cities worldwide. The seller is a joint venture between Oxford Properties and the Canada Pension Plan Investment Board.

With the purchase of these core properties, we are continuing our counter-cyclical strategy. Last year, we used the global real estate cycles to sell properties in the United States and Japan at a profit for Deka-ImmobilienGlobal. With the acquisition in Vancouver, we are pleased to acquire two first-class properties in the North American real estate market during a period of reduced activity.

Victor Stoltenburg Managing Director of Deka Immobilien

Both buildings are LEED Gold and WELL certified. LEED focuses on energy and environmental design while WELL focuses on the comfort, health and well-being of building occupants.

The office campus is situated in the thriving technology submarket of Vancouver's Downtown District and spans an entire city block. Together, these two core office buildings offer a combined leasable area of approximately 415,000 sq. ft. and provide 235 parking spaces in an underground garage. Tenants have access to modern amenities including fitness centers, lockable bicycle boxes, and charging stations for both bicycles and electric cars.

The 22-story office complex at 401 West Georgia Street was originally constructed in 1984/85 and underwent renovations in 2020. It currently houses around two dozen tenants, including notable names such as Aon Canada, Desjardins, and a Michelin-starred restaurant.


Adjacent to this complex is a newly constructed nine-story building at 402 Dunsmuir Street, completed in 2020 and fully leased to Amazon Web Services Canada.