Reuters - July 1, 2010
Germany's Deka open-ended mutual property fund said on Thursday it has acquired a hotel in Paris for 114 million euros ($140 million) in a sale-and-leaseback agreement with French developer Altarea Cogedim (IMAF.PA).
The 118-room Hotel Renaissance Arc de Triomphe, near the Paris landmark, will be leased long term to Altarea, and managed by hotels operator Marriott International (MAR.N), Deka said in a statement.
Deka's parent, DekaBank, Germany's largest manager of open-ended property funds, said last month it plans 2 billion euros worth of property buys globally this year, focused on safer, more liquid markets.
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