Deka Immobilien Investment GmbH was founded on 29 November 1966 as Despa (Deutsche Sparkassen Immobilien Anlagengesellschaft mbH). As a 100% subsidiary of DekaBank Deutsche Girozentrale, it assumes the role of investment fund manager for funded products with real estate or (real estate) financing as a regulated capital management company. 

The product spectrum includes open real estate public funds, real estate special funds with a closed investor structure, umbrella funds and individual property funds for institutional clients - essentially the savings banks. The company also manages credit funds, which invest in real estate, infrastructure or transport financing.