Germany's Deutsche Bank said on Monday that it is to sell its 'Doppelturme' (Twin Towers) in Frankfurt am Main to a closed-end real estate fund to be launched by DWS. The transaction price is expected to amount to around EUR 600 mln, in line with the property's current market value.
Germany's Deutsche Bank said on Monday that it is to sell its 'Doppelturme' (Twin Towers) in Frankfurt am Main to a closed-end real estate fund to be launched by DWS. The transaction price is expected to amount to around EUR 600 mln, in line with the property's current market value.
A company spokesperson said further details on the fund and the acquisition including the yield will be disclosed with the prospectus in May. The DWS-managed fund will be marketed exclusively to private investors of the German bank from mid-May 2011. DWS is the mutual fund company of Deutsche Bank's Asset Management Business Division.
The German lender will continue to use the property as its corporate headquarters under a long-term rental agreement.
Designed by architects Walter Hanig, Heinz Scheid, and Johannes Schmidt, the 155-metre high skyscrapers were already in a closed-end fund from 1984 to 2007 before Deutsche Bank acquired ownership of them in order to carry out a refurbishment of the assets. In the past three years, the lender has completely renovated the property and brought it up to green standards, securing a 50% reduction of energy consumption and a 90%-reduction of CO2 emissions.
The property earned a Gold rating from DGNB as well as a Platinium rating under the American LEED certification.
