The transaction has several benefits for both parties. It strengthens Aberdeen's property 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 economies of scale arising from a combined property fund management business.
Aberdeen completes acquisition of DEGI
Aberdeen Property Investors, the wholly-owned subsidiary of Aberdeen Asset Management PLC ("Aberdeen"), has completed its acquisition of DEGI Deutsche Gesellschaft für Immobilienfonds mbH from Dresdner Bank following approval from BaFin, the German financial authority. The transaction was initially announced December 21, 2007.
The acquisition broadens and increases the overall assets that Aberdeen manages on behalf of German clients within equity, fixed income and property portfolios. In addition, it enhances 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 to approximately 20 billion euros.
Bärbel Schomberg: "DEGI and our clients will benefit"
Optimistic for the future
Martin Gilbert, Chief Executive of Aberdeen, comments: "We are delighted that this earnings-enhancing transaction is now complete. The acquisition of DEGI is an important step in building our German business and reinforces our commitment to the market as provider of equity, fixed income and property solutions. It also strengthens Aberdeen Property Investors' position as a leading property investment manager. The DEGI team comes with an excellent track record and a complementary range of property funds. The acquisition continues our strategy of acquiring infill businesses that enhance our product range and geographic reach, and complement the continuing strong organic growth of our existing operations."
Bärbel Schomberg, Speaker of DEGI’s Management Board, comments: "We have every reason for embarking on our shared future as a part of the Aberdeen Group with buoyant optimism. 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 global property markets and expand our investor base in Europe. DEGI’s structure, our brand name and our existing products will remain unaffected by the change in ownership."
Bärbel Schomberg, Speaker of DEGI’s Management Board, comments: "We have every reason for embarking on our shared future as a part of the Aberdeen Group with buoyant optimism. 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 global property markets and expand our investor base in Europe. DEGI’s structure, our brand name and our existing products will remain unaffected by the change in ownership."
About Aberdeen Property Investors
Aberdeen Property Investors is the specialist property division of Aberdeen Asset Management PLC. Following the acquisition of DEGI, Aberdeen Property Investor manages some 20 billion euros in property investments through property funds and management mandates. The division has more than 600 employees in offices in eleven European countries and in Singapore.
Aberdeen Property Investors offers a comprehensive range of investment products and services, all supported by a structured investment process and local active management. Investors can choose from a wide range of investment vehicles and mandates. By December 31, 2007, the division had twelve national and regional funds as well as funds of property funds open for new investors. Aberdeen Property Investors established an office in Germany in 2005. The eleven-strong team is located in Cologne.
Aberdeen Property Investors offers a comprehensive range of investment products and services, all supported by a structured investment process and local active management. Investors can choose from a wide range of investment vehicles and mandates. By December 31, 2007, the division had twelve national and regional funds as well as funds of property funds open for new investors. Aberdeen Property Investors established an office in Germany in 2005. The eleven-strong team is located in Cologne.
About Aberdeen Asset Management PLC
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 employees 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 140.1 billion euros as at December 31, 2007. Listed on the London Stock Exchange since 1991, Aberdeen is a FTSE-250 company with a market capitalization of 1.7 billion euros. 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 1 billion euros from German clients.
As with all content published on this site, these statements are subject to our Forward-Looking Statement disclaimer, provided on the right.
Aberdeen employs 1,500 employees 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 140.1 billion euros as at December 31, 2007. Listed on the London Stock Exchange since 1991, Aberdeen is a FTSE-250 company with a market capitalization of 1.7 billion euros. 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 1 billion euros from German clients.
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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