IR Releases - Archive

New York, October 29, 2008

Deutsche Bank's alternative investment management business, RREEF, acquires minority interest in Rosen Real Estate business

Purchases stake in fund manager owned by Kenneth Rosen and GIC Real Estate

Deutsche Bank (XETRA:DBKGn.DE / NYSE:DB) on behalf of RREEF Alternative Investments, the global alternatives asset management business of Deutsche Bank’s Asset Management business (DeAM), today announced that it has signed an agreement to acquire a significant minority interest in Rosen Real Estate Securities LLC (RRES).  RRES is a Berkeley, CA-based, long/short real estate investment advisor. 

The firms will expand RRES’s long/short real estate investment platform and collaborate on product distribution, which will provide Deutsche Bank’s institutional and high net worth investors with access to RRES’s strategies.  RRES currently manages long/short real estate strategies, including its long-standing Rosen Real Estate Securities Value Fund I, L.P.  Existing RRES teams will continue to be responsible for portfolio management.
Rosen announced in January 2008 that GIC Real Estate (GIC RE), the real estate arm of the Government of Singapore Investment Corporation, had committed US$300 million of funds and simultaneously acquired a minority stake in Rosen Real Estate Securities. GIC RE will remain an investor and owner following RREEF’s acquisition of a minority stake in RRES.

“Expanding our alternative investments platform is a key initiative for Deutsche Asset Management’s global growth strategy and we will continue to invest as opportunities arise in areas that add the most value for our clients,” said Kevin Parker, Global Head of Deutsche Asset Management and Member of the Deutsche Bank Group Executive Committee.

Closing of the transaction is subject to customary conditions and is expected to be completed in the fourth quarter of 2008.  Subject to certain conditions, RREEF has agreed to acquire the remaining interest in RRES in one or more subsequent transactions, with Rosen and RRES teams responsible for fund management. Financial terms were not disclosed.

This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. 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 implementation of our management agenda, 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 26 March 2008 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded from .

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