GERMANY - Aberdeen Immobilien KAG, previously known as DEGI, will in future focus its business on the institutional sector, pan-European funds and on offering fiduciary services, according to Hartmut Leser, country head for Aberdeen in Germany.
Renaming the Aberdeen subsidiary DEGI was the final step in the integration of the real estate business formerly owned by Dresdner Bank, which Aberdeen had bought in 2008, and Aberdeen Immobilien KAG is now a part of the Aberdeen Asset Management Germany holding created last year and now headed by Hartmut Leser.
"The name DEGI will only appear in a few funds where it does not make sense to change them because of legal requirements," said Leser.
With the new name comes a new investment focus as the former DEGI operations will concentrate more on institutional clients and their needs for a Master KAG when investing in property.
At the same time, its German operation will become the centre of competence for pooling Aberdeen's resources in pan-European property funds.
Despite ongoing difficulties with DEGI's open real estate funds, Leser believes it was a good decision to take over the German real estate company, because of the contacts and distribution networks gained. (See earlier IPE RE story: DEGI forced to reiterate Global Business stance)
"Nobody could have foreseen the financial crisis and its impact on the property market," he suggested.
Leser is a member of the Aberdeen Immobilien KAG board under the new structure, alongside Fabian Klingler, Roger Welz and Michael Determann.