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Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today announced the economic closing of an agreement to sell a portfolio of 109 properties in Germany - mainly occupied by the bank - to Eurocastle Investment Limited (LSE: ECT), an investment company managed by Fortress Investment Group LLC, for approximately EUR 300 million. The bank will continue to occupy most of the properties on a medium to long-term basis.
The portfolio consists of business premises totaling approximately 300,000 square meters. The properties are mainly located in the centers of small to mid-sized cities throughout Germany.
Dr. Axel Wieandt, Global Head of Corporate Investments, said: "With this transaction, Deutsche Bank is pursuing its strategy of focusing on core businesses and further optimizing the use of available capital."
In November 2003, Deutsche Bank sold properties in Germany and Europe via a sale-and-leaseback, and indicated its readiness to further reduce its real estate portfolio.
This Release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations. Any statement in this Release that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our trading revenues; potential defaults of borrowers or trading counterparties; the reliability of our risk management policies, procedures and methods; and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 25 March 2004 in the section "Risk Factors." Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir