FRANKFURT-Deutsche Bank is selling its headquarters for €600 million or $835 million to DWS Investments, a mutual fund manager and part of Deutsche's asset-management division. The deal will be a sale-leaseback which keeps the banking giant in the dual towers for a long-term lease.
DWS is a closed fund, which is exclusive to Deutsche Bank investors. The property, Soll und Haben, German for "debit and credits" top out at 40 and 38 stories and recently went through a €200 million renovation.
Purchased in 2007, Deutsche paid a little more than that for the property itself and now is selling it from three times its original purchase tag. The investment opportunity will be made available in May of this year.
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