Fund manager Deka Immobilien has sold a 4,000-m2 office and administration property in the German city of Essen for EUR 12 mln. The property at Waldthausenpark 4 was acquired by the sole tenant, Geno Bank Essen.

The building was constructed in 1992 and acquired by Deka Immobilien for a spezialfund in 2004. Deka Immobilien said the sale was part of its strategy to reduce the proportion of older and smaller assets owned by its funds.

Deka Immobilien forms part of the DekaBank group which is the largest provider of open-ended property funds in Germany with around EUR 22 bn of assets under management.