Chinese state-owned financial company China Life has acquired a prime office building, Xiwang Tower, in the Chinese city of Dalian, from Deutsche Bank’s asset management arm.
The asset was held in one of Deutsche Asset Management’s European funds, grundbesitz global.
The sale price was not disclosed, but the grade A office building was listed in the fund’s portfolio at €162.2m, at the end of its fiscal year ended 31 March, 2017.
The German manager acquired the asset in 2008, a year after it was completed for CNY1.05bn (€133.7m).
Deutsche AM had invested significantly to upgrade the building, lifting occupancy from 55% at the time of acquisition to the present level. The building has an occupancy rate of 94%.