Bouwfonds Investment Management is selling five German residential property funds.
The Bouwfonds Germany Residential Fund (BGRF) vehicles – I to V – are being sold to an unnamed buyer for around a “couple hundred million euros”.
The buyer will roll the vehicles into a single new fund aimed at German institutional investors.
Bouwfonds IM placed the BGRF series of funds between 2005 and 2008.
The series of funds, with an intended duration of at least 10 years, was placed with Dutch private investors by Bouwfonds IM.
The total property portfolio is made up of around 3,500 apartments spread across 50 properties in around 25 major German cities.
Bouwfonds IM said it decided to sell the five vehicles as a single structure because it enabled the portfolios of the funds to be offered together.
The manager has also closed its third institutional car park fund at €177m.
The Bouwfonds European Real Estate Parking Fund III attracted €125m from institutional investors as part of a second closing.
Some investors from the fund’s first closing raised their commitments, while insurance companies subscribed shares in the fund.
The fund’s investment volume will amount to €350m in all, with a focus on Germany, the UK, France, the Benelux countries and Scandinavia.
The fund has stakes in four properties.
Martin Eberhardt, managing director of client relations at Bouwfonds, said: “The demand for real assets by institutional investors continues, as they face ongoing investment pressure due to the low-interest environment. Car park properties offer attractive yields and a low risk.”
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