Deutsche Bank AG's asset management arm wrapped up the divestment of the Xiwang Tower office property in Dalian, China, to state-owned China Life Insurance Co. Ltd. for an undisclosed amount, Deal Street Asia reported.
Built by architecture firm Minoru Yamasaki Associates, the grade-A tower stands 40 stories high and has been the home of its seller, Deutsche Asset Management Inc. since 2008, according to the March 8 report.
The completion of the tower's sale comes as preparations continue for the asset manager's planned IPO, which attracted investors including BlackRock Inc., George Soros and big sovereign wealth funds, Deal Street Asia added, citing Reuters.
Also reporting on the sale, IPE Real Assets noted March 8 that the asset is held by Deutsche Asset Management's grundbesitz global European fund. The tower was valued at €162.2 million as of March 31, 2017, and was purchased by the German manager for 1.05 billion yuan in 2008.
As of March 8, US$1 was equivalent to 6.34 Chinese yuan.
