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.
Aberdeen strengthens German operation with acquisition of DEGI
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 to approximately € 20 billion. 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 capitalise 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.
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.
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.
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