Tishman Speyer sells Düsseldorf complex

Spanish real estate group Metrovacesa has bought the property after Tischman Speyer spent two years refurbishing it.

Real estate developer and investor Tishman Speyer has sold Deutsche Bank Carrée, located on Düsseldorf's Königsallee, to the Spanish real estate group Metrovacesa. The sale price was not disclosed.

Tishman Speyer acquired the property in 2005. Since that time the firm has refurbished the complex and has fully leased it. The development consists of seven connected buildings with an approximate 140-metre frontage on Königsallee. The property has a rentable area of approx. 54,000 square meters in total, 70 percent of which is leased to Deutsche Bank. Other tenants include Eurohypo, Bank of Tokyo-Mitsubishi, BB-Bank and Lang & Schwarz Wertpapierhandelsbank.

Metrovacesa was established in Spain in 1918 and is headquartered in Madrid and builds and owns properties mainly in the Spanish and French markets. Since its merger with Spanish competitor BAMI and the takeover of French Gecina, Metrovacesa is now one of the 10 largest real estate investors in Europe listed in the IBEX 35 stock market index.