Investors take a shine to Deutsche Bank skyscraper
Even if some investors might baulk at the thought of buying securities right now of some European banks, they remain apparently enthusiastic to gain investment exposure to their properties.
By securing shares worth €334m in the closed fund DWS ACCESS Deutsche Bank Türme, clients of Deutsche Bank group have secured exposure, via the fund, to the lease on the well-known tower block home of Deutsche Bank, which Germany’s largest bank will take for the coming 15 years.
Hermann Wüstefeld, head of production and management at DWS ACCESS, said 90% was placed after only one month.
The expected annual payment to investors from leasing the multi-storey property is expected to be 5%, starting next year.
Thomas Rüschen (pictured), sales director of DWS, said: „We are proud to have performed this large placement. DWS ACCESS in 2011 will count among the leading providers of illiquid investments.”
The DWS ACCESS Marmarapark already conducted a placing in January 2011, attached to a planned shopping centre in Istanbul.
Then in May subscriptions closed for DWS ACCESS Wohnen 2, receiving €85m.
DWS ACCESS said the outklook for this particular area remains favourable, and it plans to offer more of it.
The two skyscrapers comprising the building are 155 metres high, andare iconic of the banking centre’s skyline.
They were originally constructed between 1979 and 1984 according to plans by Walter Hanig, Heinz Scheid und Johannes Schmidt, as a hotel within the American Hyatt group.
Deutsche Bank took on the buildings instead, during their construction.