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Deutsche Bank Sells Cosmopolitan

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[Source: All About Vegas Travel]

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FRANKFURT, Germany (AP) — Deutsche Bank AG is finally free of The Cosmopolitan of Las Vegas resort and casino after selling the high-rise complex on the Strip for $1.73 billion to Blackstone Real Estate Partners VII.

The bank said in a statement Thursday that the cash deal remains subject to regulatory approvals. The bank took over the property in 2008 when its developer defaulted on a loan. It opened in 2010 but was later placed in a separate bank division devoted to winding down or selling unwanted investments.

Pius Sprenger, head of the non-core unit, said in a statement that “the bank is committed to reducing its non-core legacy positions in a capital efficient manner that benefits shareholders.”

 

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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