Deutsche Bank REIT Sells $520M NoCal Portfolio

Law360, New York (December 21, 2011, 6:47 PM EST) -- Real estate investment trust PS Business Parks Inc. has purchased a 5.3 million-square-foot commercial portfolio near San Francisco from Deutsche Bank AG's real estate investment arm RREEF America REIT II Corp. for $520 million, the companies said Tuesday.

The 26-project portfolio consists of about 45 percent warehouses and 55 percent multiuse commercial spaces, according to RREEF, which said it sold the asset to take advantage of attractive pricing brought on by a combination of strong demand and limited availability of flex property in the area....
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