Three Dutch institutional investors and CBRE Global Investors have recapitalised and taken over a Dutch retail property fund managed by IEF Capital.
The consortium, which includes three unnamed investors and the CBRE Dutch Retail Fund, has acquired the shares in the IEF Capital Berlage fund.
CBRE Global Investors said it will assume management of the 31 underlying assets. The fund’s structure will remain in place.
IEF Capital is a joint venture established in 2001 between Inflation Exhange Fund and Bouwfonds Investment Management, which launched the Berlage fund in 2006.
The fund was originally financed with a 10-year, €1bn commercial mortgage-backed securities (CMBS) loan. Last year, IEF Capital repaid the CMBS loan and secured €480m of new debt financing from ING Bank, BerlinHyp and Syntrus Achmea Real Estate & Finance.
CBRE Global Investors said that, as a result of the recapitalisation, the consortium “will gain exposure to long-term, sustainable and indexed income from assets located in the most prime urban locations in the Netherlands”.
Sophie van Oosterom, chief investment officer for EMEA at CBRE Global Investors, said: “We believe our platform can create further value for this holding through our extensive pan-European retail expertise.”