Three into one goes further for Deutsche
(5 August 2004 – Australia) Deutsche Bank will combine its three Australian property trusts in October with the new enlarged entity aiming to buy US$1 billion of US industrial property assets.
The merged entity aims to have half of its assets overseas as these will generate better returns than the Australian market which is suffering from a lack of property assets.
Known as DB RREEF, the new trust will purchase 80 percent of a portfolio of US industrial property assets which are currently controlled by the largest US pension fund, California Public Employees Retirement System.
Deutsche Bank’s investment trust merger pushes the amount of M&A activity among Australian property companies to more than US$30 billion so far this year.
Known as DB RREEF, the new trust will purchase 80 percent of a portfolio of US industrial property assets which are currently controlled by the largest US pension fund, California Public Employees Retirement System.
Deutsche Bank’s investment trust merger pushes the amount of M&A activity among Australian property companies to more than US$30 billion so far this year.
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