RREEF Real Estate, the real estatemanagement business of Deutsche Bank, sold a 95 percent equity interest in The Pinnacle, a 387,500-sq.-ft. office building in Burbank, Calif., to an institutional investor based on an asset price of approximately $201.9 million.
RREEF purchased the interest in the property in November 2003 based on an asset price of approximately $136.6 million.
“This transaction demonstrates RREEF Real Estate’s ability to leverage our globalplatform to capitalize on attractive opportunities across regions to achieve our clients’ long-term goals,” said Michele Faissola, head of asset and wealth management and member of Deutsche Bank’s group executive committee, in a statement. “We are seeing growing demand for all types of alternative investments, especially real estate and infrastructure. RREEF is a core part of Deutsche Bank’s newly integrated asset and wealth management division. This allows us to make optimal use of its outstanding investment solutions and global capabilities—and provide our clients with even better access to alternative investment opportunities.”