Bouwfonds Investment Management, part of Dutch financial group Rabobank, said on Monday that it has completed the disposal of a large part of its portfolio as part of its parent company's strategy to reduce its fund and asset management business.
Bouwfonds IM, which at the end of 2016 managed €5.9 bn of real estate and infrastructure assets, has shed a portfolio with a value of over €4 bn in separate transactions largely carried out with the managers responsible for its different business units, financially supported by Amsterdam-based Commonwealth Investment.
Under the management buy-out, Bouwfonds IM has transferred its entire Parking business unit as well as the bulk of its residential activities and of the German communication infrastructure fund (BCIF II).
The transaction follows the disposal in November last year of a €1.6 bn department store portfolio in one of the largest real estate transactions ever in the Netherlands to an institutional consortium led by CBRE Global Investors (CBRE GI).
The long-running recapitalisation deal involved a portfolio of over 31 department stores across the Netherlands, including the iconic Bijenkorf stores in Amsterdam, Rotterdam and The Hague, as well as Hema and former V&D stores.
The CBRE GI-led consortium comprises three Dutch institutional investors and the CBRE Dutch Retail Fund. The deal involved recapitalising the shares in IEF Capital Berlage Zuid B.V. and IEF Capital Berlage HB II B.V.
In late 2017, Bouwfonds IM also transferred parts of its indirect interests in the CIF I communication and infrastructure company and the CAIW fibre infrastructure company.
‘We have now completed the disposal of important parts of our portfolio,' commented Jaap Gillis, CEO of Bouwfonds IM. 'During this successful operation, the interests of our customers, employees and parent company Rabobank were always our priority.'
‘We are convinced that through this management buy-out, we can serve the interests of our customers, employees and other stakeholders in the best possible manner. The team that will be leading the new company has been responsible for these funds for a number of years and is in an excellent position to successfully continue these activities,’ added Gillis, commenting on the management buy-out.
Following the operation, Bouwfonds IM’s portfolio has been cut back to €2.1 bn, added Marnix Boessenkool, CFO of Bouwfonds IM. 'We are delighted that in the second half of 2017 in particular, we were able to achieve and prepare these results. The phasing out and management buy-out, which involved many parties, was a complex operation which required great precision and dedication from our organisation. This is a great result for both Bouwfonds IM and Rabo Real Estate Group.'
Bouwfonds IM will continue to manage the remaining activities with the existing management board consisting of Jaap Gillis, Marnix Boessenkool and Rudolf Thomeer.
