Deutsche Finance America, a joint venture between Deutsche Finance Group and BLG Capital, a division of Bilgili Group, has acquired more than 100,000 sq ft of vacant office space in the Gucci Building in New York City. The company picked up the space from a publicly traded real estate investment trust, raising $155m of equity for the acquisition and development. Deutsche Finance America will seek approximately $100m of debt financing to fully capitalize the project.
The building “is an iconic piece of real estate in an irreplaceable location, and I am very excited about its potential for redevelopment. I am also very pleased to announce the market entry of Deutsche Finance America, our subsidiary focused on direct investments in the United States, with such a high-profile project,” said Sven Neubauer, Chief Investment Officer at Deutsche Finance Group.
