Sofia, 25 July 2006, Pari Newspaper

Deutsche Bank invests EUR 10 mln.

The investment division of the bank RREEF and the Bulgarian company Winslow Developments will construct residential complexes.
A month after the official opening of the representative office of Deutsche Bank in Bulgaria, the bank announces its first investment project in the country. Bulgarian company Winslow Developments and the German financial institution through its division RREEF start the construction of two residential complexes in the capital with projected 700 apartment units. The investment will amount to EUR 10 mln. The land lots have already been acquired, located in Manastirski Livadi district. The investors have not specified the start and the completion time of the projects.
Reactions:
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.” 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.
Investors:
For the realization of the projects RREEF and Winslow Developments have established joint venture company, with 88% owned by the German institution and the rest 12% owned by the Bulgarian partner. RREEF is the real estate and infrastructure investment management arm of Deutsche Asset Management, the global investment management business of Deutsche Bank. RREEF has already established successful partnerships in Russia, the Czech Republic, Hungary, Romania and Poland.
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.
The division 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.
- 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.