Bilfinger Real Estate is assuming management responsibility for 23 real estate funds of HCI Capital, the European asset manager said in a statement.
Bilfinger Real Estate is assuming management responsibility for 23 real estate funds of HCI Capital, the European asset manager said in a statement.
The management mandate has been transferred to Bilfinger Real Estate as from October 1, 2013.
The operation is in line with a reorganisation at HCI Capital which in the future will no longer include the real estate fund segment concerned.
Launched between 1999 and 2005, the funds hold a total of 48 office and logistics properties in the Netherlands, Austria, and Switzerland. The trust management of the over 9,000 investments by private investors will remain in the hands of trust companies of the HCI Group.
'We are pleased to be able to hand the fund management to a firm with this kind of experience,' said Ingo Kuhlmann, management board member of HCI Capital.
Assetando Capital advised on the deal.
The new mandate further expands Bilfinger Real Estate's expertise in managing closed-end investment models, with around 130 fund companies under management.
Mario Liebermann, managing director of Bilfinger Real Estate Fund Management said: 'After the funds of the Falk Group, of Wert-Konzept, which is part of IVG, and of WestFonds Immobilien Anlagegesellschaft, this is the fourth portfolio for which we have taken over management responsibility. We expect further closed-end fund management mandates for our group.'
