IR Releases - Archive

Frankfurt am Main, January 13, 2004

DB Real Estate raises US$ 1.2 billion Global Real Estate Opportunities Fund


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.



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Forward-looking statements involve inherent 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 implementation of our restructuring including the enivsaged reduction in headcount; 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 March 27, 2003 on pages 9 through 13 under the heading "Risk Factors."  Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.



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