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Fund assets are former Deutsche Bank real estate private equity investments
DB Real Estate, the world’s leading real estate equity investment manager and a unit of Deutsche Asset Management, today announced it has raised a US$ 1.2 billion Global Real Estate Opportunities Fund from a group of investors consisting primarily of US and European institutional investors and high net worth individuals. The fund has purchased most of Deutsche Bank’s direct real estate private equity portfolio. This portfolio, which is well-diversified by location, property type and investment strategy, consists of seasoned assets which were originated by the Real Estate Opportunities Group (REOG) part of DB Real Estate. REOG will continue to manage the fund, now on behalf of its new investors. The transaction, which closed on 31 December 2003, will correspondingly reduce Deutsche Bank’s real estate holdings.