Dutch financial services company Rabobank has reportedly sold the majority of its real assets investment arm, Bouwfonds Investment Management, for an undisclosed amount.
The unit, which at the end of 2016 managed €5.9 bn of real estate and infrastructure assets, was bought by Amsterdam-based CommonWealth Investments, according to a report in Dutch newspaper FD.
CommonWealth Investments is backed by the Dreesman family of the former department store group V&D which went bankrupt at the end of 2015.
Bouwfonds IM was formerly the real asset investment manager of the Rabo Real Estate Group. It offers investment products for institutional and private investors in specific sectors within real estate and infrastructure. The business is split into four segments, commercial real estate, housing, parking garages and infrastructure, with local offices in the Netherlands, Germany and France.
A spokesperson for Rabobank told FD that the company will make further announcements after 28 February. The bank will publish its 2017 annual results on 15 February.
The sale of Bouwfonds IM forms part of Rabobank’s ongoing efforts to reduce its balance sheet.
In 2014, Rabobank sold the majority of investment company RaboCapital to CommonWealth and pension fund manager PGGM.
