Deka Immobilien GmbH, the real estate investment fund of German-based DekaBank, has acquired a pair of prime office buildings within the Terret Polanco complex in Mexico City from Tresalia Capital Investment Fund for an undisclosed sum. The transaction was brokered by Savills Studley’s Cross Border Investment team and Savills Mexico.
The 700,000 square-foot complex is comprised of two 18-story class A office properties, including the Torre Sur and the forthcoming Torre Norte tower. Both properties were developed by one of the top real estate developers in Mexico, Abilia.
Completed in 2013, the Torre Sur is 100% occupied by anchor tenant, Nestlé. Following the closing of the deal, the building will be transferred to the property portfolio of the open-ended real estate fund Deka-Immobilien Global. The second office tower, Torre Norte, is still under construction and expected to be completed by the fourth quarter of 2014.
Savills Studley’s US Cross-Border Group, led by Robert Stamm and Savills Mexico led by Javier Kutz , advised Deka Immobilien GmbH in the sale. The seller, Tresalia Capital Investment Fund, was unrepresented.
Borja Sierra, Head of U.S. Capital Markets for Savills Studley, commented: “This is a great example of collaboration between our US and Mexican teams where deep local market knowledge combined with our ability to identify and structure the best global capital allow us to deliver great results for our clients at a time when competition for core income is at its height. My sincere congratulations to the teams.”
Both properties are located in the up-and-coming Nuevo Polanco submarket in the central business district of Mexico City, with unparalleled access to public transportation, shopping and other neighbourhood amenities. The buildings are on track to obtain LEED Gold sustainability certification for Torre Sur and LEED Silver for Torre Norte.