MUNICH - Germany's DekaBank has sold a 38-storey tower in Frankfurt to UBS Wealth Management Global Property Fund for EUR 400 mln. The sale of the 'Skyper' skyscraper is part of a restructuring programme begun last August by ceo Franz Waas. 'With this sale in a profitable market, we will reduce the amount of capital we have invested in real estate and will be able to invest more in our core business, giving a better return,' Deka board member Matthias Danne told the AFX newswire service.
MUNICH - Germany's DekaBank has sold a 38-storey tower in Frankfurt to UBS Wealth Management Global Property Fund for EUR 400 mln. The sale of the 'Skyper' skyscraper is part of a restructuring programme begun last August by ceo Franz Waas. 'With this sale in a profitable market, we will reduce the amount of capital we have invested in real estate and will be able to invest more in our core business, giving a better return,' Deka board member Matthias Danne told the AFX newswire service.
There has been speculation in the media that Deka might sell its headquarters in Frankfurt's Trianon building as well. Analysts estimate the sale price could be as high as EUR 1 bn. Deka sold the smaller Alkmere office building in Frankfurt for EUR 100 mln.