Deutsche Bank's Alternative Investment Management Business, RREEF, completes acquisition of Rosen Real Estate Securities stake
RREEF Alternative Investments, the global alternatives asset management business of Deutsche Bank’s (XETRA:DBKGn.DE / NYSE:DB) Asset Management business (DeAM), today announced that it finalized an agreement to acquire a significant minority interest in Rosen Real Estate Securities LLC (RRES), 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 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.
Earlier this year, Rosen announced 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.
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.
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RREEF Alternative Investments
RREEF Alternative Investments is the global alternative investment management business of Deutsche Bank’s Asset Management division. RREEF Alternative Investments consists of three businesses: Real Estate, Infrastructure and Private Equity. Headquartered in New York, RREEF Alternative Investments employs more than 1,400 investment professionals in 18 cities around the world to help investors meet a wide range of objectives – from diversification, to preservation of capital, to long-term performance. Named one of the world’s largest alternative investments managers in Global Investor/Watson Wyatt’s Alternative Survey, June 2008, RREEF has €55.2/$87.0 billion in assets under management worldwide as of 30 June 2008.
About Deutsche Asset Management
With approximately Euro 510 billion in assets under management globally (as of 30 September 2008), Deutsche Bank’s Asset Management division is one of the world's leading investment management organizations, not just in size, but in quality and breadth of investment products, performance and client service. The Asset Management division provides a broad range of investment management products across the risk/return spectrum.
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 81,308 employees in 75 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.