NEW YORK--(BUSINESS WIRE)--RREEF Real Estate, the real estate investment business of Deutsche Bank’s Asset Management division, announced today that it has made a $290 million investment in a retail condominium in New York City on behalf of a German institutional investor. The three primary tenants of the property, located at 717 Fifth Avenue, include the U.S. flagships stores for luxury retailers Giorgio Armani, Dolce & Gabbana and Escada.
717 Fifth Avenue, a 468,000 square foot 26-story property configured with both retail and office space, was constructed in 1959 and underwent a renovation and expansion in 1993 and 2001, respectively. RREEF Real Estate’s investment includes the entire retail component of the property and a portion of the office space. The property is located at the corner of East 56th Street in the upper section of the Fifth Avenue retail corridor, a premier global shopping and entertainment neighborhood that attracts the world’s leading luxury retailers.
“New York City has some of the top retail fundamentals in the country, and remains one of our key target retail markets nationally,” said Todd Henderson, Head of RREEF Real Estate Americas. “We believe the strong employment growth and domestic and international tourism will continue to bolster the strength of the well-located 717 Fifth Avenue property and the New York retail market overall.”
Mr. Henderson added, “Cross-border capital raising and investment remains a key component of RREEF Real Estate’s strategy and we are pleased to bring this high-quality investment opportunity in New York to our Germany-based client.”
The investment in 717 Fifth Avenue follows RREEF Real Estate’s 2011 purchases of two high-quality retail properties in New York City’s Meatpacking and SoHo neighborhoods on behalf of its investors. In July, in an off-market transaction, RREEF Real Estate acquired a retail condominium, long-term leased to the United Kingdom-based high-end retailer AllSaints Spitalfields, located at 415 West 13th Street. In April, in a similar off-market transaction, RREEF Real Estate acquired 473-475 Broadway, a retail condominium fully leased to high-end retailer, ScoopNYC.
About RREEF Real Estate
RREEF Real Estate is the real estate investment business of Deutsche Asset Management. During the past 40 years, RREEF has built a leading real estate investing business, with approximately 550 professionals located in 22 cities around the world and $55.7 billion in assets under management as of March 2012. RREEF Real Estate employs a disciplined investment approach and offers a diverse range of strategies and solutions across the risk/return and geographic spectrums, including core and value-added real estate, real estate and infrastructure securities, real estate debt, and opportunistic real estate. RREEF Real Estate aims to deliver superior long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, and retirement plans worldwide. To learn more about RREEF Real Estate, go to www.rreef.com.
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a substantial private clients franchise. Its businesses are mutually reinforcing. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With more than 100,000 employees in more than 70 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions, creating lasting value for its clients, shareholders, people and the communities in which it operates.
|
Issued by the press department of Deutsche Bank AG |
Internet: http://www.db.com |
||
|
Taunusanlage 12, 60325 Frankfurt am Main |
|||
|
Phone +49 (0) 69 910 43800, Fax +49 (0) 69 910 33422 |
E-mail: db.presse@db.com |