Deutsche Bank is in the first stage of selling a €300m portfolio of small branches in secondary German cities, reports EuroProperty. The bank, which is conducting the sale itself, had planned to include Italian branches, but this idea has since been abandoned.
The deal, which would be a sale-and-leaseback, comes less than a year after Deutsche Bank sold a €1.04bn portfolio to US investor Blackstone, which included around 50 properties, most of them in Germany’s main cities. In May, Blackstone sold the first property of the portfolio, a Deutsche Bank branch in the centre of Munich, to a private investor.
The property sale is in line with Deutsche Bank’s strategy of selling non-core businesses.