Following the takeover of Dresdner Bank by German insurance group Allianz, the merged companys property-related business is to be restructured.
Dresdner Bank subsidiary Degi Deutsche Gesellschaft für Immobilienfonds will continue to run the open-ended funds Grundwert-Fonds and Dresdner Grund. Grundwert-Fonds manages total assets of €7.6bn (DM14.8bn) and is the largest single open-ended fund in Germany. Dresdner Grund, a fund comprising the real estate assets of the Dresdner Bank group, manages assets of €2.3bn (DM4.5bn).
The fund is managed as a public fund, but stakes will be sold to institutional investors later. Degi will still be in charge of asset management for the fund, but property management will be undertaken by Allianz Immobilien in Stuttgart.
Allianz will also take on facilities management for the group, including shopping centre management, which was previously undertaken by Dresdner Bank subsidiary GCM Grundwert Center.
