RREEF Selects Property Managers for its US Retail Property Portfolio
October 21, 2009 – RREEF has announced the selection of Jones Lang LaSalle (NYSE: JLL), United Commercial Realty, Mid-America Asset Management Inc., Crosland and KeyPoint Partners to take over direct property management of retail property portfolio currently managed by RREEF for its clients.
Prior to the selection of these management companies, the majority of the properties had been managed directly by RREEF, which will continue as the asset manager. “As we have with our office, industrial and residential portfolios, we have made the decision to transition out of the property management business and assign these services to these carefully selected, highly-skilled property management companies,” said Timothy K. Gonzalez, Chief Executive Officer of RREEF Americas. “We will work closely with each third-party manager in our continuing role as asset manager for each of the properties, concentrating on the execution of asset business plans, investment strategies and risk management for our clients’ portfolios.”
Jones Lang LaSalle has been assigned 29 retail centers totalling approximately 5.7 million square feet. The properties are primarily concentrated on the West and East coasts in addition to Ohio and Western Pennsylvania.
United Commercial Realty (UCR) has been assigned eight centers totalling approximately 1.7 million square feet concentrated in Texas.
Mid-America Asset Management Inc. has been assigned 12 centers totalling approximately 1.6 million square feet concentrated in the Midwest.
Crosland has been assigned four centers totalling approximately 1.5 million square feet concentrated in the Carolinas and Tennessee.
KeyPoint Partners has been assigned five centers totalling approximately 533,000 square feet concentrated in New England.
The transition of the portfolios is expected to be completed by the end of 2009.
For further information, please call:
John T. Gallagher
United Commercial Realty
Director of Communications
Jones Lang LaSalle
Mid-America Asset Management, Inc.
RREEF Real Estate acquires and manages investments in commercial and residential property, and real estate securities on behalf of its institutional and private clients worldwide. Its product offering is global and comprehensive, including core, value-enhanced and high yield property investments as well as investments in publicly traded real estate securities. RREEF Real Estate has more than $52.3 billion in assets under management worldwide as of 30 June 2009.
RREEF Real Estate is part of RREEF Alternative Investments, the global alternative investment management business of Deutsche Bank’s Asset Management division. RREEF Alternative Investments consists of three businesses: Real Estate, Infrastructure and Private Equity. Headquartered in New York, RREEF Alternative Investments employs more than 1,200 investment professionals in 15 cities around the world to help investors meet a wide range of objectives – from diversification, to preservation of capital, to long-term performance. Named one of the world’s largest alternative investments managers in Watson Wyatt’s Global Alternatives Survey, June 2009, RREEF has $60.2 billion in assets under management worldwide as of 30 June 2009.