LONDON. 24 July, 2006 - RREEF, the real estate and infrastructure investment management arm of Deutsche Asset Management, the global investment management business of Deutsche Bank, has formed a joint venture company with Winslow Developments Ltd to develop real estate projects in Bulgaria. RREEF’s partnership with Winslow represents its first investment in Bulgaria and expands its footprint in the CEE region.
The joint venture company will be 88% owned by an investment fund managed by RREEF and 12% by Winslow. Winslow will act as the operating partner. Winslow Developments is a local Bulgarian developer that has been active in the market since 2001 with several successful projects in the Bankso ski resort area. It is expected that the joint venture company will initially focus on the residential sector in Sofia, although it may expand to commercial sectors as well as to other parts of Bulgaria.
The joint venture company has already underwritten its first two investments both of which are residential developments in Sofia with a projected 700 apartment units. RREEF’s total equity commitment for these first two projects will amount to approximately €10 million.
Pierre Cherki, a managing director of RREEF said of the investment: “Our partnership with Winslow represents a solid first step into the promising Bulgaria housing real estate market and provides RREEF with an excellent platform to respond to other opportunities as they arise in the Bulgarian market.” With established joint venture investments in Russia, the Czech Republic, Hungary, Romania and Poland, Mr. Cherki also commented that RREEF’s investment in Bulgaria would reinforce RREEF’s position as a leading real estate investor in Central and Eastern Europe’s emerging economies.
About RREEF
RREEF is the real estate and infrastructure investment management arm of Deutsche Asset Management, the global investment management business of Deutsche Bank. RREEF acquires and manages investments in commercial and residential property, real estate securities, and infrastructure investments including energy and transportation distribution assets on behalf of its institutional and private clients worldwide. Its product offering is global and comprehensive, including core, value-enhanced and high yield property investments as well as investments in publicly traded real estate securities, and infrastructure investments. Headquartered in New York, RREEF employs more than 2,000 real estate professionals in 17 cities around the world. The combined group has €53 billion in assets under management worldwide as of 31st March 2006.
http://rreef.com
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With Euro 1,035 billion in assets and 64,103 employees, Deutsche Bank offers unparalleled financial services in 73 countries throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
http://db.com
