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Double Dublin Debut For Deutsche, Despite Downgrade

Deutsche Bank

Deutsche Bank has secured a double debut in Dublin as it fights off a credit downgrade and rumours about its U.S. subsidiaries.

In a message sent to bank employees on Friday 1 June, Chief Executive Christian Sewing said there was “no reason for us to be discouraged”, despite the bank’s share price having hit a historic low.

The calls come as DSW, Deutsche Bank’s investment arm, bought Green Reit’s Westend Retail Park, Blanchardstown, for €148M.

The 300K SF park was sold at a shade above the recent valuation of €147.1M, the Irish Times reports.

Tenants include Next, New Look and Gap, and the rent roll is  €8.5M.

Green Reit said it would use proceeds to reduce its revolving credit facility and for reinvestment.

The deal comes as Deutsche Bank agreed to support Marlet Property’s 200K SF office development at Cardiff Lane, opposite Facebook’s headquarters in Dublin docklands.

The group run by developer Pat Crean has secured a €115M facility, the Irish Independent reports.