Deutsche Bank HQ to change hands again

14th March 2011, Comments 0 comments

The biggest German bank, Deutsche Bank, said Monday that it will sell its twin-towered headquarters in Frankfurt but remain on the site, which has just been renovated.

"Deutsche Bank will continue to use its headquarters on a long-term basis as a rental client," a statement said, adding that it would receive around 600 million euros ($836 dollars) from the transaction.

A so-called closed real-estate fund open only to Deutsche Bank shareholders would buy the glass and steel buildings, the statement said.

The headquarters belonged to a closed fund from 1984 to 2007 before Deutsche Bank bought it and had it redone to make it more energy efficient.

The bank moved back into the buildings in February following a three-year absence.

© 2011 AFP

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