UK – Aberdeen Asset Management has bought property asset manager RREEF UK from RoProperty Holding, part of the Robeco group, increasing its property assets under management to £5.9bn.
The newly acquired company will be integrated into Aberdeen’s Glasgow office as soon as possible, the company says.

The sale price incorporates £5.8m in cash, as well as the value of RREEF’s net assets as at completion, which are expected to represent around £1.5m.
On top of the lump sum, the asset manager has agreed to pay certain performance related fees to RoProperty during the period of the deal completion.

“ The disposal is part of the policy of the Rodamco companies and Haslemere NV to release value from ownership of third party management businesses inherited as part of the 1999 de-merger of Rodamco NV, in order to focus on their respective property investment and development activities,” says Chris Bartram, executive officer of Haslemere NV and chairman of RoProperty Holding BV.

RREEF provides property asset management services mainly to the pension fund industry, and it currently manages property assets of £1.7bn. Last year the company reported pre-tax profits of £4.2m, including £2m in respect of compensation for a terminated contract.

The move follows Aberdeen’s acquisition of Celexa Group, formerly owned by the Swedish group Alecta, only ten days ago.
Together, the deals increase the UK manager’s property assets under management from around £2.3m to £5.9m.