The assets comprise a mixed real estate portfolio of 51 bank branches and offices in nine jurisdictions across Europe with a total lettable area of around 490,000 square metres. About two-thirds of the buildings are in Germany, such as Berlin, Düsseldorf, Frankfurt and Munich. The remaining properties are in major European cities including Barcelona, Brussels, Lisbon and Milan. The sale allows for the flexible management of the bank’s future occupational requirements, locking in rents at a tenant friendly low point in the letting cycle.
Dr. Axel Wieandt, Global Head of Corporate Investments and Corporate Development:
"This transaction is a further milestone for Deutsche Bank in its strategy of focusing on core businesses and optimizing the use of available capital. We are exploring further opportunities to reduce the remaining real estate portfolio."
Deutsche Bank was advised by its own Real Estate Investment Banking unit. In February 2003, Deutsche Bank disposed of two of its real estate assets in London, namely 1 Appold Street and its 55% interest in Winchester House.
This Investor Relations Release contains forward-looking statements. Forward-looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Any statement in this Investor Relations 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.
Forward-looking statements involve inherent 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 implementation of our restructuring including the enivsaged reduction in headcount; 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 March 27, 2003 on pages 9 through 13 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.