RREEF Germany acquires EUR 1.8 bn of property in 2010

RREEF acquired properties worldwide totalling EUR 1.8 bn for its German real estate mutual funds and real estate special funds in 2010.

The real estate investment management business of Deutsche Bank's asset management division said EUR 964 mln of assets were acquired for the two retail open-ended real estate funds, grundbesitz europa and grundbesitz global. a further EUR 832 mln of assets were acquired for eight institutional special funds.

Of the 34 properties acquired in 10 countries, 12 are located in Germany, and the remaining are in Asia, the US, and Central and Western Europe, and span the office retail, retirement homes, logistics and industrial, and hotel sectors.

'With EUR 1.1 bn of cash inflows in our two open-ended real estate funds and EUR 500 mln of capital commitments from institutional investors for our special funds in 2010, we were in a position to complete attractive investments for our funds,' said Georg Allendorf, head of RREEF Germany, Austria and Switzerland.

'Several of these acquisitions were off-market deals where we negotiated and closed directly with our transaction partners, which is indicative of our worldwide market penetration and the effectiveness of our local presence in the respective markets.'