Deka-ImmobilienMetropolen
Real Estate · Global · Direct Real Estate
Figures refer to the share class ISIN DE000DK0TWX8, currency EUR.
Key facts
- Management company
- Deka Immobilien Investment GmbH
- Asset class
- Real Estate
- Geography
- Global
- Strategy
- Direct Real Estate
- Share class currency
- EUR
- Share class inception
- 02.12.2019
- Fund size
- 1819 million (as at 15.09.2026)
- Management fee
- 0.50%
- Performance fee
- No
- Liquidity
- Not available in this publication
- UCITS
- No
- Risk grade (SRRI)
- Not available in this publication
- Registered in Switzerland
- No (qualified investors only)
Price history
Fund and benchmark rebased to 100 at 02.10.2023.
Table view
| Period | From | Fund (100 at start) | Benchmark (100 at start) |
|---|---|---|---|
| 1Y | 02.10.2025 | 100.0 | 108.2 |
| Since 2023 | 02.10.2023 | 98.8 | 129.0 |
NAV per share, distributions not reinvested.
The benchmark is a total-return index and includes reinvested income.
In EUR, the currency of the share class shown.
Fund history to 29.09.2026.
Benchmark history to 29.09.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Performance against the benchmark
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN DE000DK0TWX8, currency EUR | 0.06 | 0.12 | 1.00 | 1.08 | 1.18 | 0.96 | 1.76 | 1.67 | 1.18 | 1.51 | 6.95 | -0.13 | -0.39 |
| BenchmarkEUR 3-month deposit + 6% | 0.70 | 2.07 | 4.13 | 5.48 | 8.52 | 10.15 | 9.64 | 8.31 | 9.23 | 8.37 | – | – | – |
| Differencefund minus benchmark, in percentage points | -0.64 | -1.96 | -3.13 | -4.40 | -7.35 | -9.19 | -7.89 | -6.64 | -8.04 | -6.86 | – | – | – |
Within the list: OpenList — Private Markets
Compared with the real estate funds on OpenList — Private Markets (10 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 1.67 | 3.46 | 10 of 10 |
| Return 3Y p.a. | 1.18 | 2.87 | 9 of 10 |
| 3Y p.a. over its own benchmark | -8.04 | -2.61 | 10 of 10 |
| Volatility 3Y | 6.95 | 3.04 | 9 of 10 |
| Sharpe ratio 3Y | -0.13 | 0.13 | 10 of 10 |
| Max drawdown 3Y | -0.39 | -0.56 | 4 of 10 |
| Management fee | 0.50% | 0.65% | 3 of 7 (3 without a value) |
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall.
Return against risk, 3 years
WSP report
Ask WSP which research is available for this fund and what it covers.
Enquire about WSP researchBack to the list: OpenList — Private Markets
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years.
Benchmark: each fund is measured against the index its own documents name. Where WSP measures a fund against a comparator of its own instead, the row names it: a tracker or a blend of the markets the fund invests in, or a cash-plus hurdle
– means not applicable. "Not available in this publication" means no value is shown here; it does not mean zero.
Period figures as of 31.08.2026.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
WSP commentary
Draft commentary, machine-generated from the fund's monthly factsheet dated 30.06.2026; key information document (PRIIPs), not yet reviewed by WSP.
Investment rationale
Deka-ImmobilienMetropolen is an open-ended real estate fund designed to generate regular income from rents and interest, alongside continuous capital growth from increases in property market values. The basis information document classifies it in risk class 2 on a 1-to-7 scale and gives a recommended holding period of 5 years, with the fund described as potentially unsuitable for investors who do not want to invest for at least three to five years. It targets retail, professional and eligible counterparty investors pursuing general wealth accumulation or optimisation, with basic knowledge and/or experience in financial products, and who can bear losses up to a total loss of invested capital. Its distinct role comes from its focus on international metropolitan areas that lead in long-term trends such as New Work and ecology, with each city required to rank in the global top 30 for at least one relevant trend.
Investment strategy
The stated objective is to earn regular income from rental and interest receipts and to achieve continuous appreciation through positive development in property market values, while seeking the highest possible return consistent with an appropriate level of risk for the asset class. The fund invests predominantly in commercial real estate in global metropolitan areas, including office, retail, hotel and logistics properties, and may also acquire property developments; current usage weights are 78.8% office, 13.7% logistics/warehouse and 1.4% mixed-use. It is invested across 10 countries, with 64.8% of fund assets in Europe and 35.2% in North America; country weights shown are the US 24.3%, Canada 10.9%, UK 15.9%, Germany 12.8%, Ireland 11.0%, France 9.7%, Czech Republic 4.8%, Italy 4.2%, Netherlands 4.2% and Belgium 2.3%. The fund may borrow up to 30% of the market value of properties held, may invest up to 49% of fund assets in liquid assets, and may use derivatives for hedging purposes such as currency and interest-rate risks; income is distributed, the recommended holding period is 5 years, and the product has a 24-month minimum holding period plus 12 months' notice for redemption.
Investment philosophy
• The fund invests in international metropolitan areas that are leading in long-term future trends such as New Work and ecology, and each city must rank among the top 30 globally for at least one relevant trend.
• It buys commercial properties across office, retail, hotel and logistics sectors and mixes the real estate portfolio by location, size and usage type; the current portfolio contains 18 properties.
• The portfolio is internationally diversified across 10 countries and a range of tenant industries, with current geographic exposure concentrated in Europe and North America and the largest single-country exposures in the US, UK, Germany, Ireland and Canada.
• Sustainability features are incorporated in both acquisition and management of properties, including reducing property-related CO2 emissions, improving energy consumption, applying coal exclusion and UN Global Compact criteria to liquidity investments, and seeking to minimise negative impacts on people and the environment.
• Risk management is embedded through stated structural limits and portfolio controls: borrowing is capped at 30% of property market values, liquid assets may reach 49% of fund assets, derivatives may be used for currency and interest-rate hedging, and the portfolio had a 99.04% letting rate and 20.64% liquidity ratio at 30 June 2026.
The asset manager
The fund is managed by Deka Immobilien Investment GmbH, which is also identified as the manufacturer of the product. The company belongs to the Deka Group. The custodian is DekaBank Deutsche Girozentrale, Frankfurt. The documents also state that the fund is a German-domiciled AIF Sondervermögen.
Performance analysis
Source: manager factsheet dated 30 June 2026. The manager commentary in the quarterly report focuses on portfolio operations rather than attributing results to markets, sectors, currencies or interest rates. No transactions were carried out in the second quarter of 2026, indicating no acquisition or disposal activity during the period.
Strengths
The fund stands out through a clearly defined metropolitan focus linked to structural themes: it invests in cities that lead in future trends such as New Work and ecology, with a top-30 global ranking requirement for at least one relevant trend. It combines that thematic city selection with broad diversification across 10 countries, multiple tenant industries and several commercial property types, while remaining heavily weighted to offices and supplemented by logistics exposure. The sustainability profile is a stated differentiator, with ecological features integrated into selection and management of properties and 89.1% of fund properties sustainably certified as of 30 June 2026. Structurally, it also combines high occupancy, a meaningful liquidity buffer, and distributed income in an open-ended real estate fund format.
Risks
The basis information document assigns the fund to risk class 2 out of 7, while warning that early redemption can materially change the actual risk outcome and may result in lower proceeds. The documents name property-specific risks that can reduce property values or ongoing income, including rental default and occupancy risk, as well as interest-rate risk on liquid investments and borrowings. They also identify residual foreign-exchange loss risk for investments outside euro countries despite strategic hedging, and note that derivatives may be used for hedging currency and interest-rate exposures. Liquidity risk is material in the fund structure because redemptions are subject to a 24-month minimum holding period and 12-month notice period, and redemptions can be suspended if liquid assets are insufficient; other named risks include operational damage from human error, fraud or natural events, depositor and custodian-related loss risk, and the possibility that ESG criteria may change over time or diverge from an investor's own sustainability preferences.