- Pressemitteilung BoxID 443269
Commerzbank takes over Degi Europa
- Following expiry of the management mandate, Aberdeen Asset Management Deutschland AG will transfer responsibility to custodian Commerzbank
- 35% of the net assets will be paid to investors on 30 September 2013.
The mandate held by Aberdeen Asset Management Deutschland AG to manage Degi Europa open-end real estate fund ends on 30 September 2013. From 1 October 2013 onwards, the fund custodian, Commerzbank AG, will assume responsibility for managing Degi Europa as stipulated by the German Investment Act.
Since announcing the termination of the management mandate for Degi Europa, Aberdeen has been able to sell 14 properties for a total of more than 1,020 million euros and to pay out 437.4 million euros in total to investors. A further 209.6 million euros - equivalent to about 35% of the net assets of the fund - will be distributed on 30 September 2013. Investors will receive 8.00 euros per share, of which 78.4% are not liable for tax.
The proceeds from the property sales were also used to pay back all loans totalling some 665 million euros. The fund will retain a cash reserve of about 115 million euros - equivalent to about 19 percent of the net assets - for the time being.
Currently, the remaining net assets of Degi Europa total around 600 million euros. It will now be the responsibility of Commerzbank to ensure that these assets are used prudently and paid out to investors. Commerzbank intends to continue the schedule of regular payments agreed with the Federal Financial Supervisory Authority (BaFin). The structure for communicating with investors will also be maintained, as part of which Commerzbank will be providing a service hotline from 1 October 2013 onwards. Up-to-date information about Degi Europa will be available on the internet at www.commerzbanking.de/degi-europa from 1 October 2013 onwards.
Commerzbank intends to engage the former management company to perform the operative tasks associated with the management of Degi Europa. This decision was the outcome of a public tender in which several companies took part. Transferring the mandate for Degi Europa to Commerzbank will not involve any changes for investors. BaFin will continue to monitor the process of winding down the fund.
According to Chairman of the Board Dr. Hartmut Leser: "We made every effort to sell as many properties as possible for reasonable prices, which has proved to be very successful, despite the fact that many real estate markets have still not fully recovered from the global financial crisis 2008/2009. Even after expiry of our mandate, we still feel bound by our responsibility to investors and are delighted that Commerzbank has engaged us to perform the operative tasks. Investors and the general public can rest assured that we will dedicate ourselves thoroughly to this task."
Aberdeen Asset Management Deutschland AG
Aberdeen Asset Management is a pure asset management company that has been listed on the London Stock Exchange since 1991 (and in the FTSE-100 since 2012). The company was originally incorporated in Aberdeen/Scotland in 1983. Aberdeen invests globally in the four main asset classes of equities, bonds, real estate and alternative investments on behalf of its clients. The company and its more than 2,000 employees in 24 countries currently manage assets of about 245 billion euros, of which around 21 billion euros are invested in property (as of 30 June 2013).
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