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BLG Capital, Deutsche Finance America Buys In Gucci Building

Deutsche Finance America, a subsidiary of Deutsche Finance Group and BLG Capital, a division of Bilgili Group, acquired more than 100,000 sq ft of vacant office space in the "Gucci Building" at 685 Fifth Avenue from a publicly-traded real estate investment trust. The joint venture successfully raised $155 million of equity for the acquisition and development and will seek approximately $100 million of debt financing to fully capitalise the project. The joint venture includes Bayerische Versorgungskammer ("BVK") which is Germany's largest manager of public pension schemes investing through a fund administered by Universal-Investment, the Versicherungskammer Bayern Group, the largest public insurer in Germany, another Munich-based insurer and institutional real...