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Deutsche Bank Agrees To Sell Cosmopolitan Of Las Vegas For $1.73 Bln In Cash

Deutsche Bank AG (DB) Thursday said it 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.

Blackstone Real Estate Partners VII will acquire 100 percent of The Cosmopolitan of Las Vegas for $1.73 billion in cash. The deal 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 around five basis points upon closing of the transaction.

The Cosmopolitan of Las Vegas is held within the Bank's Non-Core Operations Unit.

Pius Sprenger, Head of the Non-Core Operations Unit, said, "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. We are pleased to have agreed to this sale and to have delivered on our commitment."

The stock closed down 1.5 percent on Thursday at 30.73 euros.

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