Magazine article American Banker

Deutsche to Acquire U.S. Real Estate Investment Manager

Magazine article American Banker

Deutsche to Acquire U.S. Real Estate Investment Manager

Article excerpt

Deutsche Bank AG took another step to expand its asset management on Thursday, when it announced it would buy RoPro U.S. Holdings Inc., the San Francisco holding company for the real estate investment management company RREEF, for approximately $440 million.

The transaction, which is expected to close in the first half of this year, may not be the Frankfurt company's last U.S. asset management deal.

At a conference Thursday in Frankfurt, Rolf E. Breuer, Deutsche's chief executive, said it is not done with shopping for deals in the United States. "We're still interested in a private bank."

Mr. Breuer has repeatedly said that Deutsche is looking to extend its asset management and investment product distribution in the United States, where it lacks a significant channel to reach private clients. However, a spokesman for Deutsche in Frankfurt said Thursday that the company has no imminent plans for further acquisitions.

In September, seeking to cater to wealthier investors, Deutsche announced a deal to acquire Scudder Investments, the U.S. asset management unit of the Swiss insurer Zurich Financial Services. It also sold its no-frills National Discount Brokers to Ameritrade Corp. last year.

RREEF, an institutional real estate investment manager, has $16.2 billion of assets under management and would complement Deutsche's expertise and leading position in European real estate management, analysts say.

Deutsche announced on Feb. …

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