RREEF has completed the purchase of three properties for a total of €100m including two UK properties.
The property arm of Deutsche Bank has bought 25 Moorgate, for €55m from Grosvenor, The building is let to financial audit and tax advisory firm Smith & Williamson and the restaurant is run by the Lewis & Clark chain
It has also bought a 236,000 sq ft logistics center outside of Maidstone from Aviva Investors for €18m. It is leased and managed by the DHL Corporation, which handles fresh produce for Sainsbury’s.
In France RREEF has bought an office building in the La Defense office region of Paris for around €25m from GE Real Estate. The building, constructed in 1988, was completely modernized between 2005 and 2007, and is fully-let. Current tenants include the IT specialist Lenovo and the personnel consulting agency Michael Page International.
Georg Allendorf, managing director at RREEF, said: 'European office and logistics properties in good locations and of medium size are ideal investments for our special funds. The current market conditions present excellent opportunities for us to obtain high quality properties for our clients at competitive pricing.’
RREEF Spezial Invest currently manages five special funds for institutional clients with a total value if around €1.7bn. These funds are global and are currently invested in 90 properties in 12 countries.