Deutsche Bank agrees to sale of The Cosmopolitan of Las Vegas

Deutsche Bank agrees to sale of The Cosmopolitan of Las Vegas

Deutsche Bank agrees to sale of The Cosmopolitan of Las Vegas

The FINANCIAL -- Deutsche Bank has reached an agreement with Blackstone Real Estate Partners VII to sell Nevada Property 1 LLC, the owner of The Cosmopolitan of Las Vegas, a leading resort and casino, according to Deutsche Bank AG.


Under the transaction, Blackstone Real Estate Partners VII will acquire 100% of The Cosmopolitan of Las Vegas for USD 1.73 billion, which will be paid in cash. The transaction is subject to regulatory approvals.

The sale will have a net positive impact on the Bank's CRD4 pro-forma fully loaded common equity tier 1 ratio of approximately five basis points upon closing of the transaction. The Cosmopolitan of Las Vegas is held within the Bank’s Non-Core Operations Unit (NCOU), according to Deutsche Bank AG.

 

“As part of our Strategy 2015+, the Bank is committed to reducing its non-core legacy positions in a capital efficient manner which benefits shareholders“, said Pius Sprenger, Head of the Non-Core Operations Unit. “We are pleased to have agreed to this sale and to have delivered on our commitment."