RREEF buys long short real estate stake
Wednesday, 5 November 2008 12:10pm
Deutsche bank's RREEF Alternative Investments bought a minority stake in US based long short real estate investment advisor, Rosen Real Estate Securities LLC.
The deal means RREEF investors gain access to Rosen Real Estate Securities' products while the real estate advisor will use the Deutsche Bank's resources to expand its platform.
Rosen Real Estate Securities manage long short real estate strategies including the Rosen Real Estate Securities Fund, which will continue to be managed by the existing team.
"RREEF provides us with the ideal combination of distribution capabilities, expanding global reach and a connection to a global investment bank with a long-standing relationships," said Kenneth Rosen, Rosen Real Estate Securities chair.
RREEF's minority purchase follows the Government of Singapore Investment Corporation's real estate arm, GIC Real Estate, committing more than $440 million in funds to the business. This commitment is not affected by RREEF buying a minority stake.
The transaction should be completed later this year.
RREEF is made up of three businesses; real estate, infrastructure and private equity and has more than $120 billion in assets under management.
Michael Hobbs
