Rreef Alternative Investments, Deutsche Bank’s alternatives asset management business, has finalised an agreement first announced at the end of October to acquire a significant minority in
Rreef Alternative Investments, Deutsche Bank’s alternatives asset management business, has finalised an agreement first announced at the end of October to acquire a significant minority interest in Rosen Real Estate Securities, a Berkeley, California-based long/short real estate investment manager, and eventually to buy the entire firm.
Financial terms have not been disclosed for the deal, under which the firms will expand Rosen’s long/short real estate investment platform and collaborate on product distribution, giving Deutsche Bank’s institutional and high net worth investors access to Rosen’s strategies.
The Berkeley firm currently manages long/short real estate strategies, including its long-standing Rosen Real Estate Securities Value Fund I. Existing Rosen teams will continue to be responsible for portfolio management.
The firm was founded by Kenneth Rosen (photo), founder of the eponymous firm, who has more than 35 years of real estate research experience, focusing on quantitative macro and regional economic and property market forecasts. He was the founder, chairman and portfolio manager of Lend Lease Rosen Real Estate Securities, a USD3bn real estate investment trust manager that was sold in June 2003.
Earlier this year GIC Real Estate, the real estate arm of the Government of Singapore Investment Corporation, committed USD300m in funds to Rosen Real Estate Securities and acquired a minority stake in the firm.
GIC Real Estate will remain an investor and shareholder following Rreef’s acquisition of a minority stake, but subject to certain conditions, Rreef has agreed to acquire the remaining interest in Rosen in one or more subsequent transactions.
New York-based Rreef Alternative Investments consists of real estate, infrastructure and private equity businesses, employs more than 1,400 investment professionals in 18 offices around the world, and had EUR55.2bn in assets under management at the end of June. The business is part of Deutsche Bank’s asset management division, which had some EUR510bn in assets at the end of September.
