Exhibit 99.(A)(7)
To:
cc:
Subject: Breaking News
All Employees
FROM: Xxxxx Xxxxxxx
DATE: October 29, 2001
RE: Cabot Industrial Trust Acquisition
Early this morning a major transaction was announced between RREEF, on behalf of
CalWest, and Cabot Industrial Trust in Boston. The executed merger agreement
provides for CalWest to acquire through a tender offer all of the outstanding
common shares of Cabot, a publicly traded real estate investment trust. If it is
successful, the tender offer is expected to close in mid-December.
The acquisition involves over 41 million square feet of industrial property and
4.5 million square feet of development opportunities in 400 properties located
throughout the major US markets. The transaction has a total value of
approximately $2.1 billion. Xxxxx has an extensive management organization,
primarily based in Boston, and we will be working with them over the next
several weeks to integrate many of the people into our organization.
This transaction has been a monumental task and has been in progress for several
months with the extremely burdensome requirement of maintaining strict
confidentiality every step of the way. Our success to date has been the result
of a classic RREEF team effort involving Acquisitions, Capital Markets,
Portfolio Management, Client Relations, Property Management (including nearly
every district office), Research, Risk Management, Engineering, Finance,
Accounting, IT, Communications, Human Capital and Legal. The continued effort of
all of these departments will be required not only during the next several weeks
to close this transaction but, over the next several months to assure a
successful transition of this portfolio.
The leadership team for this transaction including Xxx Xxxxx (Acquisition lead),
Xxxxx Xxxxxx (Capital Markets lead), Xxxx Xxxxxx (Financial Analyst lead),
Xxxxxx Xxxx (Portfolio Management/ CalWest lead), Xxxxx Xxxxxx (Client Relations
lead), Xxxxxxx XxXxxxx (Research lead) and Xxxx Xxxxxxxxx (Administrative lead)
would like to thank everyone involved for your professionalism, talents and
efforts in positioning RREEF for such an exciting and significant piece of
business. The strength and depth of this company strikes again! Give yourselves
a pat on the back today Team RREEF, you deserve it.
This is a very public transaction and we expect numerous inquiries. It is very
important that all inquiries be responded to with no comment and referred to
either me in New York or Xxxxx Xxxxxxxx in Chicago.
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