BNY Mellon has been selected by Deka Immobilien to provide global fund administration services for its special purpose vehicles (SPVs), worth €40 billion in real estate assets.
The bank will coordinate and review accounting data from the SPVs through its property management interface, which is a web-based application that allows local accountants to provide data in an automated standardised format.
BNY Mellon will also translate the data into the required accounting standards, and administer it to Deka Immobilien for its net asset value calculations.
Explaining why the securities house of German savings banks selected BNY Mellon, 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.”
“This cooperation further contributes to the standardisation 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.”
Alan Flanagan, global head of alternatives at BNY Mellon Asset Servicing, added: “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.”
