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Deutsche Bank fund to sell properties


Deutsche Bank AG's German real estate fund agreed to sell most of its properties in the country to a company managed by Fortress Investment Group LLC for €2.1-billion ($3.2-billion), shedding assets that led to a devaluation of the fund in March. "This is a clear-up that will avoid nasty shocks in the future" for Deutsche Bank, said Alan Webborn, an analyst at SG Securities in London with a "sell" rating on the stock. DB Real Estate Investment GmbH, a unit of Germany's largest bank, said in a statement yesterday its Grundbesitz-Invest fund will book a gain of €200-million from the sale. DBK (Frankfurt) rose 17 euro cents (26 cents) to €100.75.

© 2007 The Globe and Mail. All rights reserved.

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