BNY Mellon to boost real estate fund administration services for Deka Immobilien

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BNY Mellon announced today that Deka Immobilien has selected the former’s services for the provision of global fund administration coordination and oversight for its Special Purpose Vehicles (SPVs). BNY Mellon is expected to coordinate accounting data from the SPVs around the world in which Deka funds invest, review the data, translate it into the required accounting standards and provide it to Deka Immobilien for its NAV calculations.

Burkhard Dallosch, COO of Deka Immobilien Investment GmbH, said, “We were immensely impressed by the commitment and knowledge of the BNY Mellon team as well as with their technology, which significantly automates the data gathering process and enhances the oversight of our real estate investment. This cooperation further contributes to the standardization and comparability of data in the real estate industry as other organisations are also using the expertise of BNY Mellon. The fund administration of Deka Immobilien has become more efficient and will be able to continue its growth.”

According to BNY Mellon, the data is collected through its Property Management Interface (PMI). PMI is a web-based application that allows local accountants to offer data in a standardised format and automated way, a method which was undertaken in-house by Deka Immobilien.

DekaBank is the Wertpapierhaus (provider of Asset Management and Capital Market solutions) of the German Savings Bank Finance Group (DSGV). Together with its subsidiaries, it forms the Deka Group. The Deka Group’s global real estate expertise is pooled in its Real Estate Division. The two investment companies, Deka Immobilien Investment GmbH, and WestInvest Gesellschaft für Investmentfonds mbH, manage and service around EUR 40 billion in real estate assets (as of December 31, 2019).

Alan Flanagan, Global Head of Alternatives, BNY Mellon Asset Servicing, said, “We are delighted to support Deka Immobilien and have enjoyed working with the Deka team in on-boarding this accounting service. It is a significant appointment for our Alternative Investment Services team and a testament to the quality of our technology, our global reach, and the expertise of the team in Germany.”