CBRE nabs US RREEF brief

  CB Richard Ellis has been appointed to jointly manage RREEF’s 117m sq ft US office and industrial property portfolio.   RREEF – the property investment arm of Deutsche Bank’s asset management division – has been managing the portfolio in-house for the past 30 years.   The outsourcing deal is understood to be one of the largest of its kind in the US.   CBRE will now take charge of 70m sq ft of its property in the Pacific North West, northern California, the North East, Midwest and South East.   Meanwhile, North American adviser Transwestern will manage 47m sq ft in southern California, Mid-Atlantic, the South West and South East.   The transfer will be completed by the end of the year. It follows a similar move in 2006, when RREEF outsourced the management of 60% of its retail portfolio.   Several members of the firm’s property management team are expected to be recruited by CBRE or Transwestern. Others could be redeployed to its asset management department.   RREEF Real Estate, which is part of RREEF Alternative Investments, manages more than $52.3bn of assets worldwide.   james.buckley@rbi.co.uk