Deutsche Bank's investment arm, Deutsche Asset Management, has completed the sale of Fort Halstead, a 330 acre former military site in Kent in south-east England for £67.8 mln (€78 mln).
The sale was completed in two phases, on behalf of one of Deutche AM's institutional funds. The buyer was not disclosed.
'The successful implementation of the business plan by our asset management team has resulted in a positive result for all parties involved,' said James Petit, Deutsche AM's head of real estate, UK and Ireland.
Purchased in 2005, the property occupies a 330 acre site in Sevenoaks, five miles south east of London.
According to Deutsche AM, the asset manager executed a number of objectives before the sale which included obtaining planning permission for a mixed use development for the site.
Deutsche AM’s global real estate business currently holds €52.8 bn in assets under management as of 31 December, 2016.
