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Deutsche Bank Pays $326 Million for Office Tower

Deutsche Bank Pays $326 Million for Office Tower

Frankfurt-based Deutsche Bank has purchased the WestendDuo office tower in Frankfurt from CBRE Global Investors Inc. for approximately €240 million ($326 million). 

The bank also purchased an office-development project in Paris, called In Situ, for approximately €104 million, Bloomberg reports. 

The 26-floor WestendDuo tower includes 30,000 square meters of leasing space. The Paris project was acquired from Vinci Immobilier and Nexity Enterprises. It is expected to be completed in 2015. 

Deutsche Asset & Wealth Management purchased both properties for the Grundbesitz Europa investment fund. 

The Grunbesitz Europa fund controls 48 properties valued at approximately €4 billion, according to Bloomberg

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