The fund management of Bouwfonds European Residential fund (BERF) has been handed over from Bouwfonds IM to Catella Real Estate AG as per 1 May 2018. The handover activities have been successfully executed as planned and with strong efforts from both sides.
The transfer of several key employees from Bouwfonds Investment to Catella Residential Investment Management GmbH, where the fund will be managed, additionally ensures the continuous quality. Catella Real Estate AG takes over the administration. The fund’s name changes into “Catella European Residential” from 1 May 2018 onwards.
Bouwfonds IM has significantly increased the performance of the Bouwfonds European Residential fund (BERF) over the past twelve months, with a BVI return of 9.03%. BERF’s property assets also exceeded €1bn in September 2017, largely as a result of positive valuation effects and acquisitions. Properties in Germany saw the most pronounced value appreciation at +8.7%, followed by France (+5.0%) and the Netherlands (+3.4%).
The handover is in line with the strategy of the Rabo Real Estate Group to cut back its activities in the field of fund and asset management, which was announced via an earlier press release. Bouwfonds IM, subsidiary of Rabo Real Estate Group, has already completed the disposal of a large part of its portfolio.