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Frankfurt am Main, 16. August 2004

Deutsche Bank to acquire Berkshire Mortgage Finance’s mortgage origination and servicing assets

Diese IR-Information ist nur in englischer Sprache verfügbar.

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) and Berkshire Mortgage Finance Limited Partnership (“Berkshire Mortgage”), a subsidiary of the Boston-based Berkshire Group (“Berkshire”) today announced they have signed a definitive agreement whereby Deutsche Bank will acquire substantially all of Berkshire Mortgage’s origination and servicing assets. The transaction is expected to close in the fourth quarter of 2004. Financial terms were not disclosed.

Berkshire Mortgage is one of the largest privately held commercial mortgage lenders in the U.S., specializing in financing for multifamily real estate. The firm is a leading originator of government-sponsored enterprise (GSE) and government-insured multifamily loans with USD 3.5 billion of origination volume in 2003. With a mortgage servicing portfolio in excess of USD 18 billion, Berkshire Mortgage has significant scale and is a top tier servicer of multifamily mortgages in the United States.

Upon closing, Berkshire Mortgage will become a part of Deutsche Bank’s global Real Estate Debt Markets group within the Bank’s Global Corporate Finance business. Deutsche Bank is a market leader in the commercial real estate debt market, with expertise in originating, financing, structuring, securitizing and trading commercial real estate debt. Berkshire Mortgage will advance Deutsche Bank’s existing capital market presence in all of these areas.

Berkshire is a diversified real estate and financial services firm founded in 1969 by brothers Douglas and George Krupp. Berkshire Mortgage was founded in 1987 and has headquarters in Boston, MA, and platform offices in Bethesda, MD, and Irvine, CA. The business will maintain its operational headquarters in Boston, as well as its regional facilities.

This Investor Relations Release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations. Any statement in this Investor Relations Release that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our trading revenues; potential defaults of borrowers or trading counterparties; the reliability of our risk manage­ment policies, procedures and methods; and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 25 March 2004 in the section "Risk Factors." Copies of this document are readily available upon request or can be downloaded from


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