German fund manager Garbe Institutional Capital (Gain Capital) has taken over €500 mln of real estate mandates from Bouwfonds Investment Management, part of Dutch financial group Rabobank.
The transaction, which took place on 13 November, fits in with Rabo’s strategy of winding down its fund and asset management activities.
Earlier this year, Bouwfonds IM confirmed a management buyout and the sale of more than €4 bn of real estate and infrastructure assets as part of the dismantling of the business. At end-2016, the Dutch company managed €5.9 bn of real estate and infrastructure assets.
Earlier, the majority of Bouwfonds IM was sold to Commonwealth Investments, which manages investments on behalf of the Dreesmann family.
The transaction with Gain Capital covers a portfolio of 67 assets in the Netherlands worth around €500 mln. The German fund manager will also take over the team managing the mandates and open a new branch in Amsterdam.
The deal boosts Garbe Group’s pan-European real estate portfolio to around €4 bn.
Jaap Gillis, CEO of Bouwfonds IM, said: ‘We have now completed the disposal of important parts of our commercial portfolio. We are convinced that through this transfer, we can serve the long-term interests of our customers, employees and other stakeholders in the best possible manner. The professional team that joined Garbe Institutional Capital has been responsible for these mandates for a number of years and is in an excellent position to successfully continue these activities.’
Michiel Dubois, a managing director of Gain Capital, said: 'With these mandates, we gained a promising entry into the Dutch market,' adding: 'We are especially happy to secure the responsible fund and asset management team which has extensive know-how regarding the assets. This provides us with a very strong position for future activities in the Netherlands'.
The company said it plans to expand its activities in western Europe – with a focus on Germany.
