Newly-formed Primevest Capital Partners has completed the management buyout of Rabobank subsidiary Bouwfonds Investment Management, as the Dutch bank looks to shrink its fund and asset management activities.
Primevest has been formed by members of the former management team at Bouwfonds IM, along with Dutch private equity firm CommonWealth Investments, marking the end of Rabobank’s involvement in the group following its initial investment in 2006.
Primevest will continue the investment activities of Bouwfonds in communication infrastructure, car parks and residential real estate, a portfolio worth over €4 billion. The team is currently investing its €300 million Communication Infrastructure Fund II, focusing on the German market. The vehicle is a follow-on to the realised CIF I, a 2009-vintage, €700 million fund focused on Dutch telecom infrastructure. Latest available figures for CIF I showed it was delivering a 20.9 percent return as at the end of 2016.
The new firm will also continue with the investment of the team’s car parking funds, with European Real Estate Parking Fund IV currently being invested exclusively on behalf of a northern German pension scheme. The fund made its first investment in December, acquiring a 220-space facility in the UK from NCP, a car park operator Park24 bought from Macquarie last year.
“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,” said Bart Pierik, a former managing director at Bouwfonds IM and now managing partner at Primevest.
“We see a growing interest from institutional clients for our innovative real asset investment strategies to further grow our assets under management,” he added.