Deutsche Bank is selling its twin towers in Frankfurt am Main to a closed-end real estate fund to be launched by DWS. The sales price for the property determined by independent valuations is approximately 600 million. Deutsche Bank will continue to use its Group headquarters on the basis of a long-term lease.
The DWS fund should be available from mid-May 2011 exclusively to Deutsche Bank private investors, giving them the opportunity to invest in this unique property. The fund details will be announced with the prospectus. DWS (the mutual fund company of Deutsche Bank's Asset Management Business Division) has been issuing closed-end funds since 2008.
The Deutsche Bank towers were in a closed-end fund from 1984 to 2007, before the bank acquired ownership of them to begin the modernization process. The bank used the three-year renovation of its head office to implement many innovative and progressive ideas, primarily in the field of ecology. Energy supply have been cut by half, water consumption by over 70% and CO2 emissions by almost 90%, making the new towers one of the most eco-friendly high-rise buildings in the world. They were awarded the highest possible LEED Platinum and DGNB Gold certifications for their resource and energy efficiency.
Source: Deutsche Bank AG