Deutsche Bank sells corporate real estate portfolio

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, Düsseldorf, 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

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