Deutsche Asset & Wealth Management Closes on Joint Venture Development Project in Downtown Bellevue
Deutsche Asset & Wealth Management (DeAWM) announced today that its real estate investment business (formerly RREEF Real Estate) has closed on Alley 111, a development project in Bellevue, Washington, to construct and lease a 12-story multi-family tower. The investment, sourced on behalf of an institutional investor, was acquired in a joint venture with Skanska USA Commercial Development. Terms of the deal were not disclosed.
"We are delighted to be teaming up with Skanska on Alley 111,” said Todd Henderson, Head of Real Estate, Americas for Deutsche Asset & Wealth Management. “We believe our partnership in the dynamic Bellevue market will help us deliver the risk-adjusted returns we seek to provide for our client base. We are looking forward to combining our development and asset management experience to deliver an exciting, well-designed project for the Bellevue community.”
Located West of I-405, between 110th and 112th Avenues, Alley 111 will respond to the demands of the region’s “Millennials” – young, international, highly-educated professionals – drawn to Bellevue by the steady influx of technology companies including Microsoft and Expedia, and video gaming firms like Bungie. Alley 111 will combine 260 modern residences with distinctive ground floor retail to infuse urban life on the Eastside. It will also connect to a growing pedestrian entertainment corridor with access to the Transit Center, business towers, The Bravern and the Bellevue Collection.
Skanska USA Building will be the general contractor, breaking ground in mid-October, with residential units available for prelease in early 2015.
For further information, please call:
Deutsche Bank AG
Press & Media Relations
Phone: +1 (212) 250-6853
Deutsche Asset & Wealth Management – Real Estate
Deutsche Asset & Wealth Management’s real estate investment business (formerly RREEF Real Estate) has been investing in real estate assets for more than 40 years. As part of the Alternatives and Real Assets platform, this business today has more than 450 employees located in 21 cities around the world and $47.6 billion¹ in assets under management as of June 30, 2013, and offers a diverse range of strategies and solutions across the risk/return and geographic spectrums, including core and value-added real estate, real estate securities, real estate debt and opportunistic real estate. The real estate investment business employs a disciplined investment approach and aims to deliver superior long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, retirement plans, and private clients worldwide. To learn more about Deutsche Asset & Wealth Management's real estate investment capabilities, go to www.rreef.com.
¹ Excludes infrastructure securities assets under management, which were previously reported under the RREEF Real Estate business.
Deutsche Asset & Wealth Management
With approximately $1.2 trillion of assets under management (as of June 30, 2013), Deutsche Asset & Wealth Management is one of the world's leading investment organizations. Deutsche Asset & Wealth Management offers individuals and institutions traditional and alternative investments across all major asset classes. It also provides tailored wealth management solutions and private banking services to high-networth individuals and family offices.
Deutsche Asset & Wealth Management is the brand name for the Asset Management & Wealth Management-division of Deutsche Bank AG and its subsidiaries. The responsible legal entities offering clients products or services of Deutsche Asset & Wealth Management are listed in the respective contracts, sales materials and other product information documents.