Germany's Deutsche Bank said on Monday that it is to sell its 'Doppelturme' (Twin Towers) in Frankfurt am Main to a closed-end real estate fund to be launched by DWS. The transaction price is expected to amount to around EUR 600 mln, in line with the property's current market value.

A company spokesperson said further details on the fund and the acquisition including the yield will be disclosed with the prospectus in May. The DWS-managed fund will be marketed exclusively to private investors of the German bank from mid-May 2011. DWS is the mutual fund company of Deutsche Bank's Asset Management Business Division.

The German lender will continue to use the property as its corporate headquarters under a long-term rental agreement.

Designed by architects Walter Hanig, Heinz Scheid, and Johannes Schmidt, the 155-metre high skyscrapers were already in a closed-end fund from 1984 to 2007 before Deutsche Bank acquired ownership of them in order to carry out a refurbishment of the assets. In the past three years, the lender has completely renovated the property and brought it up to green standards, securing a 50% reduction of energy consumption and a 90%-reduction of CO2 emissions.

The property earned a Gold rating from DGNB as well as a Platinium rating under the American LEED certification.