A Deutsche Bank spokesman confirmed to Bloomberg that the sale had been completed, though no further details were provided. However, Bloomberg had reported in August that the bank was seeking to sell the portfolio in question.
Deutsche Bank is one of the largest lenders to commercial real estate developers in the United States, a sector severely impacted by rising borrowing costs and the shift to remote work. Last month, the bank’s Chief Financial Officer, James von Moltke, stated that Deutsche Bank had set aside €23 million in anticipation of the portfolio's sale.
At the time, von Moltke noted that the transaction, which had not yet been finalized, further supported the bank's view that the commercial real estate market had reached a plateau and was beginning to stabilize.
