Aberdeen Asset Management PLC ("Aberdeen"), the UK-listed global asset manager, today announces that it will acquire DEGI Deutsche Gesellschaft für Immobilienfonds mbH ("DEGI") from Dresdner Bank AG, with the sales agreement having been signed in Frankfurt today.
The acquisition will enhance the position of the property investment division of Aberdeen, Aberdeen Property Investors, as one of Europe’s largest property fund managers, increasing assets under management by 6.4 billion euros to approximately 20 billion euros. In addition, it will broaden and increase the overall assets that Aberdeen manages on behalf of German clients within equity, fixed income and property portfolios.
The transaction has several benefits for both parties: It will strengthen Aberdeen’s real estate activities in the strategically important German market, with DEGI offering complementary products and expertise to Aberdeen. Additionally, DEGI will be able to draw on Aberdeen’s local presence in property markets around the world and capitalize on the growth potential offered to its international business, as part of the enlarged group. Aberdeen and DEGI will offer a broad and comprehensive product range to clients and will benefit from the higher capabilities of a combined property fund management business.
Aberdeen Asset Management PLC to acquire DEGI
Aberdeen builds on an established presence in Germany and reinforces its position as a leading property fund manager in the European market, while DEGI finds the right international partner for its continued growth.
Largest market in Europe
Rickard Backlund, CEO of Aberdeen Property Investors, said: "Germany is the largest property fund market in Europe and is a logical step in our expansion plans, reflecting our intention to have a strong local presence in all our key markets. DEGI is a leading provider of open-ended property funds in the German market. Its established position with institutional and private investors and the highly complementary nature of our product ranges and investment regions make DEGI the ideal partner for Aberdeen."
DEGI will retain both its current management and brand name. In addition to its high quality products and services, DEGI strategically plans to expand its product offering together with Aberdeen to include new regions for investment.
DEGI will retain both its current management and brand name. In addition to its high quality products and services, DEGI strategically plans to expand its product offering together with Aberdeen to include new regions for investment.
Bärbel Schomberg: "DEGI and our clients will benefit"
Existing client relations and products remain
Bärbel Schomberg, Speaker of DEGI’s Management Board, commented: "Our existing client relations and products will not be changed by this transaction and the new owner. DEGI and our clients will benefit from being part of a major, independent, international real estate investment manager able to provide local expertise in markets around the world. The acquisition will also help us build on our position in the German market and expand our investor base internationally."
Andree Moschner, Member of the Board of Managing Directors of Dresdner Bank, commented: "Under its new ownership structure, DEGI will become our strategic partner in the real estate asset class. Aberdeen, as a well-established international real estate fund manager, has a strong international network and resources. Our clients therefore profit from the comprehensive know how in the management of property."
The anti-trust authorities have yet to approve the transaction.
Andree Moschner, Member of the Board of Managing Directors of Dresdner Bank, commented: "Under its new ownership structure, DEGI will become our strategic partner in the real estate asset class. Aberdeen, as a well-established international real estate fund manager, has a strong international network and resources. Our clients therefore profit from the comprehensive know how in the management of property."
The anti-trust authorities have yet to approve the transaction.
About Aberdeen Asset Management
Aberdeen Asset Management PLC (Aberdeen) is an international investment management group managing assets principally on behalf of leading national and corporate pension funds, central banks and other financial institutions from its 24 offices located around the world. Aberdeen employs 1,500 staff world-wide in some 19 countries, including investment centres in the three main time zones through London, Philadelphia and Singapore. The Group's areas of activity are principally equities, fixed income and property. Total group assets under management and advice were 144.9 billion euros as at October 31, 2007. Listed on the London Stock Exchange since 1991, Aberdeen is a FTSE-250 company with a market capitalisation of euros1.7 billion.
Aberdeen has been active in the Germany for a number of years and established an office in Frankfurt at the beginning of 2007 when the Group recruited Hartmut Leser from FERI. The seven-strong office caters primarily for institutional clients as well as for distribution partners in the German, Austrian and Swiss markets investing in the Group’s equity, fixed income and property products. During 2007 Aberdeen received inflows of around euros1 billion from German clients.
Aberdeen Property Investors is the specialised property division of Aberdeen Asset Management PLC, managing more than 13 billion euros in property investments as at October 31, 2007 through property funds and management mandates on behalf of our institutional client base. The division has some 500 employees at offices in eleven European countries and in Singapore. Its mission is to facilitate international investment exposure to property by offering a comprehensive range of investment products and services. All supported by a structured investment process and local active management. Our investors can choose from a wide range of investment vehicles and mandates. By October 31, 2007, the division had 13 national and regional funds as well as fund of property funds products open for new investors. Aberdeen Property Investors established an office in Germany in 2005. The eleven-strong team is located in Cologne.
As with all content published on this site, these statements are subject to our Forward-Looking Statement disclaimer, provided on the right.
Aberdeen has been active in the Germany for a number of years and established an office in Frankfurt at the beginning of 2007 when the Group recruited Hartmut Leser from FERI. The seven-strong office caters primarily for institutional clients as well as for distribution partners in the German, Austrian and Swiss markets investing in the Group’s equity, fixed income and property products. During 2007 Aberdeen received inflows of around euros1 billion from German clients.
Aberdeen Property Investors is the specialised property division of Aberdeen Asset Management PLC, managing more than 13 billion euros in property investments as at October 31, 2007 through property funds and management mandates on behalf of our institutional client base. The division has some 500 employees at offices in eleven European countries and in Singapore. Its mission is to facilitate international investment exposure to property by offering a comprehensive range of investment products and services. All supported by a structured investment process and local active management. Our investors can choose from a wide range of investment vehicles and mandates. By October 31, 2007, the division had 13 national and regional funds as well as fund of property funds products open for new investors. Aberdeen Property Investors established an office in Germany in 2005. The eleven-strong team is located in Cologne.
As with all content published on this site, these statements are subject to our Forward-Looking Statement disclaimer, provided on the right.
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