Primevest, MEAG and ÄVWL expand German fibre network joint venture

Primevest Capital Partners has acquired a fibre-optic network in Germany for its existing joint venture with Munich Re’s asset management arm MEAG and German pension fund Ärzteversorgung Westfalen-Lippe (ÄVWL).

Open German Fiber, a joint venture established in 2022, has purchased a network in the German city of Bad Nauheim from the local municipal utility.

It will continue the roll out of fibre-to-the-home (FTTH) broadband in the town through a cooperation agreement with Stadtwerke Bad Nauheim. 

Primevest said it was partnering with internet service provider YplaY in Bad Nauheim.

Klaus Kreß, mayor and chairman of Stadtwerke, said: “With Primevest’s expertise in communication infrastructure investment, we are now able to further expand the fibre-optic network throughout our catchment area.

”This strategic partnership unlocks the financial and operational capabilities needed to provide high-speed internet services for every resident of Bad Nauheim, ensuring our city is well-prepared for the future.” 

Klaus Leckelt, senior acquisition manager at Primevest, said: “The shared objective among all cooperation partners is to establish full coverage of FTTH fibre-optic network for all parts of the city, ensuring optimal access for all citizens. This overarching goal serves as the cornerstone for all our investments.”

Primevest said it had built up a diversified portfolio of cash-generating fibre networks on a long-term lease model for its first communication infrastructure fund and Open German Fiber joint venture.

The company is also raising capital for a second communication infrastructure fund, which will focus on Germany, The Netherlands, Austria and Belgium.

To read the latest IPE Real Assets magazine click here.