The Office Tower was purchased for $326 million by Deutsche Bank.

CBRE Global Investors Inc. has sold the WestendDuo office skyscraper in Frankfurt to Deutsche Bank for roughly €240 million ($326 million).

Bloomberg says that the bank also paid €104 million for an office development project in Paris named In Situ. Property

The 30,000 square meters of lease area in the 26-story WestendDuo tower. Vinci Immobilier and Nexity Enterprises sold the project in Paris. It is scheduled to be finished in 2015.

Both properties were purchased for the Grundbesitz Europa investment fund by Deutsche Asset & Wealth Management.

According to Bloomberg, the Grunbesitz Europa fund has 48 buildings worth almost €4 billion.

For $408 million, Allianz will purchase a German shopping mall.
According to Bloomberg, Allianz Real Estate plans to purchase the Koe Galerie shopping mall in Dusseldorf from Blackstone Group for €300 million ($408 million).

Bloomberg says that Allianz Real Estate Investments, the real estate arm of Europe's largest insurer, will buy 20,000 square meters (215,000 square feet) of retail space and 30,000 square meters of office space, citing unnamed sources.

After purchasing the shopping mall from Merrill Lynch, Blackstone now has an 88 percent ownership. The rest is owned by ECE Projektmanagement, a German retail mall operator.

According to analysts, insurers are increasingly purchasing real estate to boost returns as bond revenues decline owing to low interest rates.

Allianz paid €395 million in December for a 49 percent share in five commercial malls in France.

A German real estate developer has sold a stake in the company.
Hochtief, a German construction company controlled by the Spanish conglomerate ACS, has decided to sell its part in Aurelis to a consortium.

According to a business statement, Hochtief will sell 43 percent of its stake to an investment consortium managed by Grove International Partners LLP, which already controls 50% of Aurelis.

The remaining 7% of the company will be sold to an unaffiliated investor.

The purchase price was not disclosed, but it was close to Hochtief's book value as of November 30, 2013, according to the business.

According to Reuters, the book value of Aurelis' investment was over €250 million ($337 million) at the end of September.

Hochtief CEO Marcelino Fernández Verdes said, "This deal is another key milestone in the implementation of our goal."

The revenues from the sale will be used to strengthen the balance sheet, invest in the group's core businesses, and pay out dividends to shareholders.

Hochtief will keep looking for ways to diversify its real estate portfolio. According to Reuters, HTP and Formart have a book value of €800 million and €315 million, respectively.

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