RREEF Nails Down Stake in Rosen Real Estate
- Dec 02, 2008
RREEF Alternative Investments has finalized its agreement to acquire “a significant minority interest” in Rosen Real Estate Securities L.L.C., a Berkeley, Calif.-based real estate investment advisor. RREEF Alternative Investments is the global alternative asset management business of Deutsche Bank’s asset management division, and includes real estate, infrastructure and private equity segments. Financial terms of the deal were not disclosed. CPN reported on Oct. 29 that the parties had agreed to RREEF acquiring the stake in Rosen. The firms will reportedly expand Rosen’s long/short real estate investment platform and collaborate on product distribution, providing Deutsche Bank’s institutional and high-net-worth investors with access to Rosen’s strategies. Rosen currently manages long/short real estate strategies, including its Rosen Real Estate Securities Value Fund I L.P. Existing Rosen teams will reportedly continue to be responsible for portfolio management. In January, Rosen had announced that GIC Real Estate, the real estate arm of the Government of Singapore Investment Corp., had committed $300 million of funds and simultaneously acquired a minority stake in Rosen Real Estate Securities. GIC Real Estate will remain an investor and owner following RREEF’s acquisition of the stake in Rosen. Subject to certain conditions, RREEF has agreed to acquire the remaining interest in Rosen in one or more subsequent transactions.Kenneth Rosen, the founder of Rosen Real Estate Securities, was also the founder, chairman and portfolio manager of Lend Lease Rosen Real Estate Securities, a $3 billion REIT investment management firm that was sold in 2003. He is a professor emeritus of the Haas School of Business and chairman of the Fisher Center for Real Estate and Urban Economics, both at the University of California-Berkeley.