It is looking principally in West Germany but also France, Britain, Spain, Italy and the Netherlands. Its open-ended real estate fund grundbesitz-invest has €1.2 billion ($1.3 billion) to spend here. DB managing director Werner Welter added that he wants to increase the fund's existing €8.6-billion ($9.4 billion) portfolio's exposure to retail, logistics and hotel properties.
DB's open-ended real estate fund grundbesitz-global plans to spend €800 million ($878 million) mainly on office buildings in Hungary, the Czech Republic and Poland. It is also looking at the whole of the EU, major US cities and Canada, and in Sydney, Tokyo, Hong Kong and Singapore. And its closed-end real estate funds want office, retail and logistics properties in the EU.
"We have great plans for 2003," said Welter.
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