Spanish listed property company Metrovacesa has sold the Deutsche Bank Carrée office complex in Düsseldorf to an undisclosed buyer for EUR 183.5 mln, including roughly EUR 167 mln of debt, Spanish press reported on Tuesday. The price represents a capital loss for Metrovacesa of nearly EUR 7 mln.

The deal is part of the company's plan to pull out of the market and refocus the business on its home market. Metrovacesa declined to comment on the reports.

The Madrid-based property firm acquired the asset back in 2007 from US developer Tishman Speyer. It reportedly spent EUR 340 mln on the purchase of a portfolio which included Deutsche Bank Carrée and the Access Tower in Frankfurt.

Located on Düsseldorf's Königsallee, Deutsche Bank Carrée consists of seven connected buildings with a rentable area of 54,000 m2 in total, 70% of which is leased to Deutsche Bank. Other tenants include Eurohypo, Bank of Tokyo-Mitsubishi UFJ, BB-Bank, and Lang & Schwarz Wertpapierhandelsbank.

Metrovacesa is also understood to be seeking a buyer for the Access tower in Frankfurt-Niederrad. The 20-storey office tower provides some 20,500 m2 of space and in late 2006 achieved full lease when about 7,000 m2 was let to Marsh and Mercer Human Resource Consulting. Other tenants in the tower include Lufthansa, BMC Software und Euro Conex.

The Spanish company has been struggling to pull out of investments made in the boom year of 2007. It sold back the HSBC global headquarters in London's Canary Wharf less than a year after acquiring it in 2007, making a loss of EUR 98 mln. It also pulled the plug on the purchase of the Walbrook Sq office development in the City of London from London & Regional.