Deutsche Bank Unit Buys $547 Million Spanish Mall From Northwoodby
Deutsche Bank AG’s Spanish asset-management unit is buying a shopping mall in Barcelona for 493 million euros ($547 million) from Northwood Investors LLC.
The Diagonal Mar mall has shops operated by companies including Primark Stores Ltd. and Hennes & Mauritz AB and comprises 90,000 square meters (969,000 square feet) of leasable space, Deutsche Asset Management said in a statement Monday. The mall was built in 2001 and has about 17 million visitors a year.
After the deal, the German investor’s Iberian real estate business will include 17 assets valued at 1.3 billion euros, according to the statement. Recent acquisitions include office buildings in Barcelona and Madrid as well as three malls in Portugal.
New York-based Northwood Investors, which had $6 billion of assets under management at the start of the year, was founded in 2006 by John Kukral, the former head of Blackstone Real Estate Advisors, according to the company’s website.