Private equity group Blackstone has sold the tower in Frankfurt housing the Investment Banking Center (IBC) to Canadian company SITQ Caisse de Dépots et Placements for an undisclosed sum. Montreal-based SITQ already purchased parts of the building in 2005.

Private equity group Blackstone has sold the tower in Frankfurt housing the Investment Banking Center (IBC) to Canadian company SITQ Caisse de Dépots et Placements for an undisclosed sum. Montreal-based SITQ already purchased parts of the building in 2005.

The IBC tower has 35,000 m2 of office space spread over three buildings and was originally designed and built specially for the Deutsche Bank Gruppe. Deutsche Bank's Private and Business Clients division took out a long-term lease on 30,000 m2 of space three years ago after its parent company sold the premises to the Blackstone Group as part of its strategy of selling off buildings it occupies.

Blackstone bought the IBC tower in 2003 as part of a portfolio of 52 Deutsche Bank buildings spread across Europe. Commenting on the sale to SITQ, Blackstone said it marked the 'conclusion of a highly successful investment.'

CB Richard Ellis and legal firm Freshfields Bruckhaus Deringer advised Blackstone on the sale. SITQ was assisted by Norr Stiefenhofer Lutz, which also advised the company on the previous IBC purchases.