Deutsche Bank’s Property Funds Testing Waters in Spain

Deutsche Bank AG, whose asset management unit has about 41 billion euros ($55 billion) of property investments, is looking for opportunities to buy Spanish and Italian offices and shops on behalf of German institutional clients for the first time in three years.

German pension funds and insurers that invest with Europe’s second-largest bank have begun to show a willingness to target assets in southern European countries hurt by the sovereign debt crisis, Georg Allendorf, head of German real estate at Deutsche Asset and Wealth Management, said in an interview last week. His unit manages about 12 billion euros of real estate.