Deutsche Bank acquires Frankfurt tower from CBRE Global Investors for $326M
Germany's Deutsche Bank AG bought the WestendDuo office tower in Frankfurt from CBRE Global Investors Inc. for about €240 million ($326 million).
Bloomberg, citing a statement by Deutsche Bank, said that the German lender also bought an office-development project in Paris for about €104 million. Both acquistions were made by Deutsche Asset & Wealth Management for the the Grundbesitz Europa investment fund.
German investment funds are buying commercial property as a way to boost returns amid low interest rates. Investors including funds bought German offices amounting to a total of €14 billion in 2013, the most since at least 2007, based on data compiled by French bank BNP Paribas SA.
Deutsche Bank's Grundbesitz Europa fund holds 48 properties valued at about €4 billion, the report said.
The WestendDuo has 30,000 square meters of leasing space on 26 floors. The Paris project, called In Situ, will be completed in 2015 and was purchased from Vinci Immobilier and Nexity Enterprises, Bloomberg said.