FGH Asset Management to place private real estate fund CV Cronesteyn (NL)

FHG Asset Management together with Schretlen & Co have placed the private real estate fund CV Cronesteyn through a so-called 'Private Placement'. Participants in the fund are mainly existing clients of FGH Asset Management and Schretlen & Co. The participants each contributed an amount of € 50,000 to the fund.

This is the second time that both subsidiaries of Rabobank Group co-operated in a private placement transaction. Previously (end of 2004), FGH Asset Management and Schretlen & Co also successfully placed the Winkelcentrum Ypenburg CV. FGH Asset Management was responsible for the acquisition of the property and the establishment of the fund. The management of both the fund and the property are FGH's responsibility as well.

The office building in which CV Cronesteyn will invest is situated at the Plantijnlaan in Leiden. The building has been completely let to Koninklijke Brill N.V., a listed internationally oriented scientific publisher, for the next decade. The direct return on investment is estimated at 9.5% a year for ten years.

FGH Asset Management intends to place a new real estate fund twice a year, provided that the company is able to acquire the appropriate real estate objects. The placement of the next fund is planned for the end of 2005. This new fund will comprise several office buildings with an estimated total investment volume of € 50 to € 75 million.

Source: FGH Bank

Related News