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FRANKFURT-Morgan Stanley Real Estate Fund IV and the Corpus property group have paid €562 million ($504 million) for a portfolio of 27 office buildings located throughout Germany. The buildings are mainly branch offices of the state telecoms giant Deutsche Telekom, and the portfolio was put on the market by DT subsidiary Sireo Real Estate Asset Management.

Locations include Danziger Platz, Frankfurt; Hohenzollernring, Mnster; Listemannstrasse, Magdeburg; Sternengasse, Cologne and Walddörferstrasse, Hamburg.

The sale is a continuation of Deutsche Telekom’s policy of realising capital tied up in real estate. Last year it sold around 520 very small properties, former line repeater stations and other small buildings in fringe locations. It still has 24 properties earmarked for sale, but this will be disposed of individually. Some sales have already gone through, including the €77 million ($69 million) MOTZ Complex in Oranienburgerstrasse, Berlin.

Jones Lang LaSalle advised Deutsche Telekom and Sireo on the portfolio Sale.

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