New York, 20 July 2011
RREEF, the real estate investment business of Deutsche Bank’s Asset Management division, announced today that it has acquired a retail condominium in New York City on behalf of an institutional investor. The property is long-term leased to the United Kingdom-based, high-end retailer All Saints Spitalfields (“All Saints”). Terms of the off-market transaction were not disclosed.
The All Saints property, located at 415 West 13th Street in New York, is an 11,862 square foot single retail condominium configured with more than 8,000 square feet of selling space. The property is located on 13th Street between 9th Avenue and Washington Street in Manhattan’s Meatpacking District, a thriving neighborhood attracting some of the world’s top designers and retailers and hosting many of New York’s most popular retailers, restaurants, clubs, and bars.
“New York City has some of the top retail fundamentals in the country, with strong domestic and international tourism and a strong employment base across a wide range of sectors,” said Todd Henderson, Chief Investment Officer of RREEF Americas. “We believe the dense demographics and affluent households, coupled with a significant undersupply of retail space, bode well for the continued strength of the well-located All Saints property and for the New York retail market overall.”
The All Saints acquisition follows RREEF’s recent purchase of another high-quality retail property in New York City’s Soho neighborhood. In April, in a similar off-market transaction, RREEF America REIT II acquired 473-475 Broadway, a 16,742 square foot retail condominium fully leased to high-end retailer Scoop. RREEF continues to pursue acquisitions of high-quality retail properties throughout New York City.
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RREEF is the real estate investment business of Deutsche Asset Management. During the past 40 years, RREEF has built a leading real estate investing business, with nearly 600 professionals located in 22 cities around the world and $59.4 billion in assets under management as of March 31, 2011. RREEF employs a disciplined investment approach and offers a diverse range of strategies and solutions across the risk/return and geographic spectrums, including core and value-added real estate, real estate and infrastructure securities, real estate debt, and opportunistic real estate. RREEF aims to deliver superior long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, and retirement plans worldwide. To learn more about RREEF, go to www.rreef.com.