Managers formerly at Dutch real estate manager Bouwfonds and involved in buyouts amid its €4.2bn disposals, have formed Primevest Capital Partners with their sponsor, multi-client family office CommonWealth Investments. The new firm starts with €1.3bn AUM, and aims to expand.
Primevest said in a release it starts with real estate assets of €1.3bn across 10 countries, and will specialise in alternative and innovative investment strategies focused on parking, communication infrastructure and affordable contemporary living - the segments acquired in the buyouts.
Managing Partner Bart Pierik, one of the former Bouwfonds managers, said the new firm intends to continue its high-quality management for clients. "In recent years we have strengthened our leading position as car park investment manager, expanded our residential activities for key clients and launched a new fund in communication infrastructure - being the first investment manager to offer German institutional investors the opportunity to invest long-term in passive communication infrastructure assets," he said in a release.
Employing 30 professionals to serve institutional clients from offices in Utrecht and Berlin, Primevest intends to grow its managed assets. As well as Pierik, the former Bouwfonds managers involved are Ruud Roosen, Hans-Peter Renk and Bas van Dongen - plus Walter Kuppens, former CFO of Dutch private property investment manager Foruminvest.
Leo Derksen, co-founder of CommonWealth Investments, said his group believes in demand for specialised investment managers with a focus on innovative distinctive investment strategies. "The activities of Primevest Capital Partners match this demand and we have confidence that the management can successfully grow the existing activities .. in the coming years," he said.
Part of the Dutch Rabo savings bank group, Bouwfonds has faced challenges with its real estate funds in recent years, and has set the objective of disposing of its entire activities in the next couple of years. Aside from the MBOs, changes announced on Monday included a recapitalisation of IEF Capital, a joint venture in retail real estate with the manager Inflation Exchange Fund, sale to EQT Infrastructure of both CIF Fixed Lines, part of Communications Infrastructure Fund, and of telecom infrastructure owner and operator CAIW, disposal of power transmission tower assets to Dutch system operator TenneT, and sale of its agricultural business unit.
BIE COMMENT: Rabo has set the deadline for the complete closedown of Bouwfonds for 2019 or 2020 but the unit still has two funds in its portfolio that need to be held until maturity. For reasons that are not clear given the overall objective, Bouwfonds also plans to launch one more fund focused on a specific asset class in the near future.