Sofia, 25 July 2006, Telegraph Newspaper

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. It is expected that the joint-venture company will invest EUR 10 mln.
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. 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 will be 88% owned by an investment fund managed by RREEF and 12% by Winslow. Winslow will act as the operating partner.
RREEF is the real estate and infrastructure investment management arm of Deutsche Asset Management, the global investment management business of Deutsche Bank.