Deutsche paid approximately (US) $440 million for RREEFs operations and will shell out an additional $50 million for co-investment assets RREEF has with certain partners, the company announced.
As of Dec. 31, 2001, RREEF had approximately (US) $16.2 billion in assets under management. Most of RREEFs 196 clients include U.S. corporate and public pension funds and the firm invests primarily in commercial real estate in the 50 largest U.S. metropolitan areas.
The acquisition follows Deutsches purchase of
With the RREEF acquisition, Deutsche will become the largest adviser of real estate and real estate equity securities globally with more (US) $36 billion in assets under management, said Richard Gunthel, managing director and head of DB Real Estate.
Prior to the RREEF acquisition, DB Realty Mezzanine Investment Funds was Deutsches only U.S. real estate interest. The acquisition follows Deutsche Banks announcement earlier this month that it is combining all of its real estate investment operations throughout the world.
