Bouwfonds Investment Management, subsidiary of Rabo Real Estate Group, has completed the disposal of a large part of its portfolio. This is in line with the strategy of Rabo Real Estate Group to cut back its fund and asset management activities. The transaction concerns parking, German communication infrastructure and two mandates in residential (affordable contemporary living) fund.
The phase-out consists of the following parts:
• Management buy-out, financially supported by Commonwealth Investments B.V.
• Recapitalisation of the shares of IEF Capital Berlage
• Transfer of shares of CIF Fixed lines and CAIW to EQT Infrastructure and the sale of tower assets to TenneT
• Sale of Business Unit Agri
In November 2017, IEF Capital (a joint venture of Bouwfonds IM & IEF) and CBRE Global Investors announced that a consortium headed by CBRE Global Investors, consisting of three Dutch institutional investors and the CBRE Dutch Retail Fund, have recapitalised the shares in IEF Capital Berlage Zuid and IEF Capital Berlage HB ll. Bouwfonds IM then also had transferred parts of its indirect interests in the company CIF I: Fixed lines (via Rabo Bouwfonds Communication Infrastructure Fund C.V. – specialised in the field of communication and infrastructure), and CAIW – to EQT Infrastructure.
Jaap Gillis, CEO of Bouwfonds IM: "We have now completed the disposal of important parts of our portfolio. During this successful operation, the interests of our customers, employees and parent company Rabobank were always our priority."
Marnix Boessenkool, CFO of Bouwfonds IM: "The phasing out and management buy-out, which involved many parties, was a complex operation which required great precision and dedication from our organisation. This is a great result for both Bouwfonds IM and Rabo Real Estate Group. As a result of this successful divestment, Bouwfonds IM’s portfolio has been cut back from over €6.3bn in 2015 to €2.1bn now."
Bouwfonds IM will continue the remaining activities with the existing management board consisting of Jaap Gillis, Marnix Boessenkool and Rudolf Thomeer. Rabobank will continue to support the company and ensure a smooth transfer to the new owners.
