PwC has a successful relationship with Deutsche Bank RREEF group, one of the largest property groups in Australia.
Over the past year there has been significant consolidation in the property trust industry driven by the need to reduce the costs of capital and improve efficiency of the vehicles of the trusts themselves.
In October 2004, Deutsche Bank RREEF Trust was formed by stapling together three listed property trusts as well as purchasing a portfolio of US$1.0 billion of industrial properties spread throughout the United States, and partially internalising the management. As a natural extension of the firm’s auditing work, PwC harnessed its global expertise to work with the Deutsche Bank RREEF and ensure the smooth running of that transaction both here and in the US.
The firm assisted with compliance with the explanatory memorandum and a product disclosure statement. It was involved in profit forecasts, investigating accounting statements and tax services, and participated in the due diligence committees required to facilitate the transaction. This was a project that called on the skills of our people from across the firm – from Transaction Services, Assurance and Tax as well as the Investment Management team. All worked together smoothly to ensure a successful outcome.
“The PwC team responded to the urgency and complexity of the transaction with the helpful and timely advice.”
Victor Hoog Anthink, CEO, Deutsche Bank RREEF
