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Business

Deutsche Bank Sells German Properties

Deutsche Bank has parted with additional properties in Germany. The country's largest bank sold 109 buildings -- most of which it uses itself and will now rent -- to US investor Eurocastle Investment for around €300 million ($407 million), the German financial institute announced in Frankfurt on Monday. The majority of the properties, with a total area of around 300,000 square meters (3,229,000 square feet) are located in the center of small and mid-sized towns. Deutsche Bank plans to shift focus to its core business. Eurocastle said it aims to expand its property holdings of buildings with highly solvent tenants in Germany and elsewhere in western Europe.

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