German open ended fund manager Deka is looking to buy prime property in the UK over the next few months, as it seeks to pre-empt the end of the UK 's pricing correction.

Deka, which expects to invest E1.7bn worldwide in 2009, said it is seeking to invest in prime property in UK cities London, Edinburgh, Liverpool, Bristol and Glasgow, before the 'window of opportunity closes'.

In recent weeks, the UK has returned to favour because of a rapid pricing correction which has slashed 37.4% from property values since June 2007. It is estimated that the UK is nine months ahead of many other European markets.

Franz Lucien Mörsdorf, managing director of Deka and WestInvest, told Property Week Global: 'In our opinion, the upwards trend in cap rates will cease by the end of 2009.’

Deka, which is Germany’s largest manager of property funds with E19bn of assets under management, has already kicked off this year's acquisition spree.

In February it bought the Madrid headquarters of Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) for around €82m in a purchase and leaseback.

But Mörsdorf said he was investigating markets worldwide and looking at buying in the US, Canada, Mexico, Japan and Chile in 2009, what he termed the ‘year of opportunity’. Deka is set to complete its first deal in Chile this autumn.

Deka says it will invest the remaining 25% of the money in Germany, which accounts for 30% of its portfolio.