Germany's Deka Immobilien said on Tuesday that it has purchased the Occidens office development project in the country's financial capital, Frankfurt, from Groß & Partner for a minimum price of EUR 75 mln. The asset is earmarked for the group's WestInvest ImmoValue open-ended fund for institutional investors.

Occidens, which is currently being developed, will offer 9,700 m2 of office space on completion by the end of 2011. Located in the Western part of the city on the Bockenheimer highway, the complex is majority-let to consulting firm Boston Consulting, which has agreed to take around 75% of the office space under a long-term rental contract.