RREEF Deutschland, the German real estate fund management arm of Deutsche Bank, has sold the Gullbergs Vass office and retail scheme in Gothenburg, Sweden's second largest city to the Swedish pension fund Alecta Pensionsförsäkring for SEK 422 mln (EUR 47 mln). The property was owned by RREEF's open-ended property fund, grundbesitz global.

The scheme, which was acquired by RREEF back in December 2003 for EUR 40 mln, offers roughly 15,000 m2 of space.

'The sale was made at an optimal time in the life cycle of the property,' said Georg Allendorf, managing director of RREEF Deutschland. The company renewed the leasing contracts just before the sale of the asset. 'The management of the asset is very important,' Allendorf added.

Grundbesitz global currently owns a portfolio of 51 properties valued at around EUR 2.6 bn. Its current liquidity ratio stands at around 16%.