21st Dec 2007 07:04
Aberdeen Asset Management PLC21 December 2007 Aberdeen Asset Management Acquires German Property Investment Manager Proposed Acquisition of German-based property investment manager DEGI Deutsche Gesellschaft fur Immobilienfonds mbH ('DEGI') from Dresdner Bank AG ('Dresdner Bank') Aberdeen Asset Management PLC ('Aberdeen') announces that its wholly-ownedsubsidiary, Aberdeen Property Investors Holding AB, has entered into anagreement with Dresdner Bank to acquire, subject to regulatory approval, DEGI, aleading German-based property investment management company, for a cashconsideration of €110 million (approximately £79.2 million) (the 'Acquisition').The consideration includes payment for the net assets of DEGI, which areexpected to be approximately €23 million (£16.6 million) at completion. DEGI has approximately €6.4 billion (£4.7 billion) of assets under management('AuM') in a number of property funds offering German, European or globalcommercial property exposure. The funds include semi-institutional open-endedfunds for institutional investors, family offices and high net-worth privateclients and open-ended funds available to both institutional and privateinvestors. The latest audited financial statements for DEGI are for the year to31 December 2006 and disclosed profit before taxation of €8.5 million. DEGI'sgross assets at 31 December 2006 were €44.1 million. Following completion of the Acquisition, expected to take place by April 2008,DEGI will be integrated into Aberdeen's property division, Aberdeen PropertyInvestors ('API'), which has €13 billion (approximately £9.4 billion) of AuM. The Acquisition will: • broaden Aberdeen's German client base and enhance the Group's presence in Germany, regarded as a key market both for both API and Aberdeen as a whole; • further strengthen API's investment expertise, with the addition of a highly rated team; • increase API's AuM by around 50% and provide economies of scale in global fund administration, research and distribution for property funds; • further improve the mix of API's AuM, both in terms of geographic exposure and the balance between funds and segregated property mandates; and • enhance Aberdeen's earnings per share with effect from completion. Commenting on the Acquisition, Martin Gilbert, Chief Executive of Aberdeen,said: "This transaction reinforces our long-term commitment to the Germanmarketplace and strengthens Aberdeen Property Investors' position as a leadingglobal property manager. The DEGI team comes with an excellent track record anda complementary range of property funds. The acquisition continues our strategyof acquiring infill businesses that enhance our product range and geographicreach, and complement the continuing strong organic growth of our existingoperations. We look forward to working with our new colleagues in the yearsahead." Aberdeen was advised by Intelli Corporate Finance in connection with theAcquisition. Enquiries Aberdeen Asset Management PLC + 44 (0) 20 7463 6000 Martin Gilbert Maitland + 44 (0) 20 7379 5151 Neil Bennett Charlotte Walsh NOTES TO EDITORS Aberdeen Asset Management PLC Aberdeen Asset Management PLC is an international investment management groupmanaging assets principally on behalf of leading national and corporate pensionfunds, central banks and other financial institutions from its offices locatedaround the world. The Group's areas of activity are chiefly equities, fixedincome and property. Total group assets under management and advice were £100.9billion (€144.9 billion) as at 31 October 2007. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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