The $490 million US deal with Rodamco North America and Robeco Groep NV is expected to close by mid-year, Deutsche Bank executives said in their announcement. Of the purchase price, $440 million was for RoPro’s primary business and $50 million was for assets from real estate transactions RREEF worked out with co-investors.
Although RREEF will become a business unit with Deutsche Bank Real Estate, it will keep its name and current management team, the announcement said.
According to the announcement, RREEF has $16.2 billion US worth of real estate investments under management with a strategic focus on industrial sites, office buildings, residential apartments, and shopping centers in the 50 largest US metro areas.
Currently, DB Real Estate manages more than $21.0 billion.