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March 8, 2002

Deutsche Bank buys U.S. real-estate co.

BERLIN (AP) -- Deutsche Bank said Thursday it has agreed to buy the U.S.-based real estate company RREEF for $490 million from several Dutch property companies, including Robeco Groep.

San Francisco-based RREEF has 1,000 employees and had $16.2 billion in assets under management at the end of last year. Deutsche Bank's DB Real Estate unit manages $21 billion in real estate.

Deutsche Bank, Germany's biggest commercial bank, said the purchase should be completed in the first half of 2002.




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