The real estate investment arm of Duetsche Bank's asset management division, which is known as RREEF, has formed a joint venture company with Winslow Developments to develop real estate investment projects in Bulgaria.
RREEF’s partnership with Winslow represents its first investment in Bulgaria and furthers its goal to expand its footprint in the CEE region.
The joint venture company will be 88% owned by an investment fund managed by RREEF and 12% by Winslow. Winslow will act as the operating partner. Winslow Developments is a local Bulgarian developer that has been active in the market since 2001 with several successful projects in the Bankso ski resort area.
It is expected that the joint venture company will initially focus on the residential sector in Sofia, although it may expand to commercial sectors as well as to other parts of Bulgaria.
The joint venture company has already underwritten its first two investments both of which are residential developments in Sofia with a projected 700 apartment units. RREEF’s total equity commitment for these first two projects will amount to approximately E10 million.