IEF Capital is proud to announce that Neuberger, a private, independent, employee-owned investment manager with globally more than $600 billion assets under management, joined IEF in its IEF Berlage partnership.
Following a successful collaboration and a series of acquisitions and disposals, IEF Capital has recently initiated a restructuring and recapitalisation of the IEF Berlage portfolio. The portfolio consists of landmark real estate assets in Amsterdam and Utrecht. These assets were formerly owned by VENDEX KBB, including the Dutch department store chains De Bijenkorf, HEMA and V&D.
The transaction provided existing investors the opportunity to exit, retain or increase their respective interests in the portfolio.
After a successful participation of more than 20 years, PGGM and Rabobank and a select number of family offices elected to exit, while Neuberger made its entrance and IEF and a number of existing family office investors increased their stakes. The transaction offers continuing investors the opportunity to increase their exposure to a portfolio of recently redeveloped, high-quality and well-performing assets. For Neuberger, the transaction provides exposure at scale to strategically located, prime Dutch retail and office real estate in Amsterdam and Utrecht.
IEF Capital will continue the management of IEF Berlage and is pleased to welcome Neuberger to the consortium and would like to express its appreciation to PGGM and Rabobank for the successful partnership and collaboration over the past two decades.
BerlinHyp, which has a long relationship with IEF Capital and IEF Berlage has increased its financing commitment in connection with the recapitalisation.
Loyens & Loeff, DLA Piper and BarentsKrans acted as legal advisors to the various parties involved.
About IEF Capital
IEF Capital is a real estate investor and asset manager specialised in structuring and optimising complex real estate transactions. Over the past decades, IEF Capital has established several major real estate funds focused on commercial property, particularly retail real estate in the Netherlands’ key shopping cities. In addition, IEF Capital has developed several inflation-linked investment products for, amongst others, pension funds, and is known for its prominent, large-scale redevelopment projects across the Netherlands.