Deutsche Bank today announced it has agreed to dispose of some of the larger assets within its pan-European real estate portfolio - mainly sites occupied by the bank itself - for a total consideration of Euro 1.04 billion to the Blackstone Group. The bank will continue to occupy most of the properties on a medium to long-term basis. The economic close of the transaction is expected to take place by the end of this year.
The assets comprise a mixed real estate portfolio of 51 bank branches and offices in nine jurisdictions across Europe with a total lettable area of around 490,000 square metres. About two-thirds of the buildings are in Germany, such as Berlin, DÃÂ¼sseldorf, Frankfurt and Munich. The remaining properties are in major European cities including Barcelona, Brussels, Lisbon and Milan. The sale allows for the flexible management of the bank´s future occupational requirements, locking in rents at a tenant friendly low point in the letting cycle.
Source: Deutsche Bank