Deutsche Bank Invests $537 Million In Romania's Biggest Real Estate Deal

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Deutsche Bank Invests $537 Million In Romania's Biggest Real Estate Deal

The investment management arm of Germany's Deutsche Bank has signed a $537 million contract to buy office and residential buildings being developed in Bucharest - the biggest property purchase in Romanian history.

In a statement, RREEF said Friday the deal was "structured as a forward purchase" and that the projects will be turned over upon completion.

The mixed commercial and residential development portfolio will be situated in the Pipera area of Bucharest, with a total of 410,000 square meters - including parking and storage space.

Romanian developer Ioannis Papalekas will retain a 22 percent ownership stake in the real estate venture.

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