Netherlands-based real estate investment manager Bouwfonds, part of the Rabo banking group, has spun off €4.2bn in assets, two-thirds of its fund holdings, in management buyouts. These include car parking and residential property holdings.
Property professionals have said that Bouwfonds has in recent years been grappling with problems in its real estate funds, and the firm said in a release Monday that it has completed a disposal of a large part of its portfolio. This is focused on its car parking assets, most of the activities of the business unit Residential, as well as the German communication infrastructure fund BCIF II. Most was sold via management buyouts of the different sectors supported by a company called Commonwealth Investments BV, which Bouwfonds did not identify.
CEO Jaap Gillis commented: "We are convinced that through this management buy-out, we can serve the interests of our customers, employees and other stakeholders in the best possible manner. The team that will be leading the new company has been responsible for these funds for a number of years and is in an excellent position to successfully continue these activities."
Bouwfonds IM CFO Marnix Boessenkool added: "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."