Deutsche Bank (DBK) bought the WestendDuo office tower in Frankfurt from CBRE Global Investors Inc. for about 240 million euros ($326 million) as German commercial properties draw investors.
Deutsche Bank also bought an office-development project in Paris for about 104 million euros, the Frankfurt-based lender said in a statement today. Both acquisitions were made by Deutsche Asset & Wealth Management for the Grundbesitz Europa (GRNDBIN) investment fund.
German investment funds are buying commercial property as a way to boost returns amid low interest rates. Investors including funds bought 14 billion euros of German offices in 2013, the most since at least 2007, according to data compiled by BNP Paribas SA. (BNP)
Deutsche Bank’s Grundbesitz Europa fund holds 48 properties valued at about 4 billion euros, according to the statement.
The WestendDuo has 30,000 square meters (323,000 square feet) 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.
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