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Aberdeen Grows With RREEF Deal

LONDON - Aberdeen Asset Management has followed up its acquisition of Celexa with the #7.3 million purchase of fund manager RREEF from the Dutch property giant RoProperty.

By Graham Parker | Updated on May 01, 2001

LONDON – Aberdeen Asset Management has followed up its acquisition of Celexa with the £7.3 million purchase of fund manager RREEF from the Dutch property giant RoProperty. RREEF specialises in segregated pension fund management, and as at 31 March 2001 it had property assets of £1.7 billion under management. In the 12 months to 31 December 2000, RREEF made pre-tax profits of £4.2 million.

The move leaves Aberdeen with a £5.9 billion management portfolio.Aberdeen Chief Executive Martin Gilbert said: ‘Since the acquisition of API in October of last year we have increased our business levels organically and now, through the important strategic acquisitions of RREEF and the Celexa Group, we are building a critical mass and mix of talents to create a significant force in property asset management in the UK and Europe’.

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