Cooperation of Primevest Capital Partners with Sphinx Zuid BV leads to acquisition of second residential building in Maastricht

 
 
On 3 March 2020, Primevest Capital Partners signed the contract for the purchase of a residential building under construction at Dokter Frans Foquetstraat in a prime location in the center of Maastricht.

The purchase was made for a separate account. The building is one of a total of five new apartment complexes to be built in the Sphinx quarter, five minutes from the Markt and Vrijthof squares in Maastricht (for private rent and for sale).

The building to be built consists of 5 floors with 92 apartments of 43m² on average, 25 parking spaces in the underground garage, a bicycle shed, a south-sided common roof terrace and a garden. All apartments have a separate bedroom, luxurious furnishings including complete kitchen, bathroom, flooring and curtains. The rentable area is approximately 3,968 m². The rental prices will be around 755 € per apartment. The main target group is one-person households, for which growth of 23% is forecasted by 2040. Next to that, it will be marketed to expats, a growing community, seeking the ease of city living.

The seller is Sphinx Zuid BV, a joint venture between 3W and RO groep, both developers with a strong local presence. Contractor is Jongen Bouwpartners, part of VolkerWessels. The cooperation between Primevest Capital Partners and RO groep dates back to 2015, when an exclusivity agreement was closed with the municipality of Maastricht to invest a significant amount in residential buildings for rent. In 2018 this led to the first acquisition of Block 5, consisting of 70 apartments with an average size of 85 m² and 70 parking spaces. Both acquisitions are proof that both Primevest Capital Partners and RO Groep “do things a little differently” than usual in the market, as both parties work closely together to meet a specific need and give a qualitative boost to local market requirements. They are open to more municipalities in the Netherlands that are looking for rental projects that offer good rental housing for tenants, especially in the market for low and medium rent levels. Buyer has been supported by BOAG for technical Due Diligence and CMS for Legal.

About Primevest Capital Partners
Primevest Capital Partners is a pan-European investment boutique that specializes in innovative real estate and property investments. Due to the extensive industry knowledge with a focus on specialized investment sectors such as parking, telecommunications and affordable, contemporary living, Primevest Capital Partners has developed into a leading provider in these areas. Our top priority is to achieve attractive risk-adjusted returns for our customers. In doing so, we pay attention to sustainable income and value creation. Primevest Capital Partners currently manages assets of 1.6 billion euros, spread across eight sector-specific funds and two individual institutional mandates. Primevest Capital Partners currently has 40 employees at its locations in Utrecht and Berlin.

About RO Group
RO group is a strongly regionally linked developer, mainly active in social real estate. The main activities focus on housing issues of health institutions, educational organizations, housing associations and investors. RO group has 25 real estate professionals and is located in Maastricht and Eindhoven.

For more information, please contact:
Lisette van der Ham
Head of Marketing & Corporate Communications
lisette.vanderham@primevestcp.com
www.primevestcp.com

 

BNG Bank finances sustainability measures and transition to smarter public lighting by Primevest Capital Partners

 
 
Primevest Capital Partners introduces “Smart City Nederland” initiative for Dutch municipalities. Municipalities are receiving support in their sustainability measures and transition to smarter public lighting. BNG Bank is financing these sustainability projects. Municipalities enjoy long-term benefits of the various applications of smart lampposts.

BNG Bank is financing the Smart City initiative of Primevest Capital Partners which supports municipalities in the transition to sustainable and smarter public lighting. The transition to sustainable and smarter lighting is important to achieve the necessary reduction in energy consumption to reach the climate goals (faster). The Smart City Nederland initiative invests in the lampposts, after which the municipality will use public street lighting as a service of Smart City Nederland. How-ever, the lampposts will remain the property of the municipality. This will enable the municipality to make the transition to sustainable and smarter lighting in a much shorter term but spread the associated replacement costs over a longer period. Fur-thermore, in the future lampposts can be used for different purposes, such as imple-menting sensors to measure air quality, regulating traffic flows in the framework of the Environment Act, etc. However, it will soon also be possible to use lampposts for mobile Internet applications (Wi-Fi and 5G), as a charging point for electric cars, as camera surveillance for public order and for security and other “Smart City” applications.

“With Smart City Nederland, Primevest Capital Partners and its partners are supporting municipalities with an integral approach to the transition to sustainable and smarter lighting on the one hand whilst preparing for the implementation of Smart City applications on the other hand,” says Heimen Visser, fund manager of the Smart City Nederland initiative. “In addition, municipalities will also benefit from the added revenue that will be generated by the smarter use of the lamppost. With Smart City Nederland, we are creating a platform which makes it possible to transform public lighting from a cost item to a revenue model for the municipalities, letting them retain control of what happens in their public outdoor space,” Heimen Visser continues.

The Municipality of Renkum is the first municipality to choose to use the Smart City Nederland initiative. Over the coming 2.5 years, around 6,000 lampposts will be replaced in Renkum by sustainable and smarter public lighting in partnership with consortium partners CityTec and Luminext. This will mean that in 2022 the municipality of Renkum will already have met the climate goals as set for 2030 with energy savings of over 60%. “In recent years, we have been trying to get support for tendering for new public lighting. We are desperately in need of renewal: our area is really out-dated and some of our lampposts are about to collapse. So we can’t wait until the first lamps are replaced and new lampposts are installed. We look forward to a great new partnership in a unique tender form!” says Kevin Groen, project manager in the municipality of Renkum.

Smart City is a scalable solution which Primevest is currently discussing with many
municipalities.

BNG Bank is financing Smart City Nederland. “As a partner for municipalities to achieve a more sustainable Netherlands, the Smart City Nederland initiative very much reflects our ambition to be an engaged partner for a more sustainable Netherlands. We enable the public sector to achieve social goals like the energy transition,” says Judith de Bleyser, Public Finance specialist at BNG Bank.

For more information about our Smart City Initiative, please visit: www.smartcitynederland.com

Currently this website is only in Dutch, English will be added soon.

 

T-Mobile, Primevest Capital Partners and VolkerWessels Telecom start city-wide its fiber rollout in The Hague

 
 
VolkerWessels Telecom have signed a cooperation agreement with the municipality of The Hague concerning the rollout of Fiber to the Home networks.

A consortium of T-Mobile, Primevest Capital Partners and VolkerWessels Telecom is formed to roll out an open-access FTTH network on which also 5G and Smart City applications in urban areas can be deployed. The consortium will start in June with the rollout of 33.000 home and business addresses in Segbroek, a district within the city of The Hague. With this cooperation, T-Mobile delivers on its promise to roll out fiber networks. The cooperation combines the unique strengths of each partner unlocking favorable economics, rapid, low impact and customer focused network rollout.

Richard de Mos, alderman for Economic Affairs, Sport and Public Space: “The municipality of The Hague is extremely happy with this fruitful cooperation. The consortium will bring our city a state of the art digital infrastructure that will benefit our citizens as well as our businesses. The city-wide rollout of Fiber-to-the-home will realize good digital connectivity for all the citizens in The Hague. The new fiber network is distinctive from other initiatives, as it is ready for all thinkable future applications and will offer open access to third parties. We expect this to boost innovation in telecommunications services in our city.”

Promise to The Hague
In January of this year, T-Mobile Netherlands merged with Tele2 Netherlands. A merger that was cleared by the European Commission without remedies. Søren Abildgaard, CEO: “With this merger, we have created the strongest possible challenger in the duopolistic Dutch telecommunications market. During the approval process by the European Commission, we made it very clear that this merger will strongly benefit Dutch consumers. To prove this we made them five hard promises. With the new consortium, we deliver on our promise to roll out fiber networks. Starting right here in The Hague, where our headquarters are located. The partnership with Primevest and VolkerWessels Telecom allows consumers to benefit from high quality, high speed fiber networks and offering ultrafast Internet and a rich TV content portfolio at very attractive prices.”

Benefits for all stakeholders
Primevest Communication Infrastructure Fund invests in passive communication network assets. They provide long term access to telecom providers that support an open access investment strategy. Bas van Dongen, Partner at Primevest: “We believe this leads to a higher utilization rate of the network, which is beneficial to all stakeholders. End users benefit from attractive pricing, telecom providers benefit from attractive network access pricing and the investors benefit ultimately from the higher utilization rate.. By future-proof and innovative rollout approach, construction works can be kept to a minimum. With T-Mobile, we have a strong partner in business supporting our investment philosophy.”

Enabling connectivity
Wido van de Mast, CEO of VolkerWessels Telecom: “We are very excited to be working together with T-Mobile, Primevest Capital Partners and the municipality of The Hague on deploying a state-of-the-art FttH network in The Hague. This cooperation aligns with our ultimate goal of enabling total connectivity and contributing to people’s quality of life. VolkerWessels Telecom acts within the consortium as a full turnkey contractor. In this role, we combine years of experience in the telecom market with innovative solutions and technical professionals.”

About Primevest Capital Partners
Primevest Capital Partners is a pan-European investment boutique that specializes in innovative real estate and property investments. Due to the extensive industry knowledge with a focus on specialized investment sectors such as parking, telecommunications and affordable, contemporary living, Primevest Capital Partners has developed into a leading provider in these areas. Our top priority is to achieve attractive risk-adjusted returns for our customers. In doing so, we pay attention to sustainable income and value creation. Primevest Capital Partners currently manages assets of 1.6 billion euros, spread across eight sector-specific funds and two individual institutional mandates. Primevest Capital Partners currently has 40 employees at its locations in Utrecht and Berlin.

For more information, please contact:
Lisette van der Ham
Head of Marketing & Corporate Communications
lisette.vanderham@primevestcp.com
www.primevestcp.com

 

Press release – Primevest CP acquires Glasgow car park

 
 
Primevest Capital Partners announces it has made its first investment for its 4th institutional parking fund in Glasgow, Scotland’s largest city and third in the UK. Mitchell Street car park is located in the city centre of Glasgow, close to the prime retail area and central station.

Buchanan Street, UK’s 2nd busiest retail street, after Oxford Street in London, is only yards away.The multi-storey car park of 220 parking spaces is operated by NCP, the largest car park operator in the UK which was recently taken over by a Japanese consortium of Development Bank of Japan and Park24. Bart Pierik, Managing Partner Primvest Capital Partners comments: “This is the first acquisition for our European Real Estate Parking Fund IV and the 47th car park in our portfolio. This car park will further strengthen our high-quality and sustainable portfolio of car park investments across Europe”.

Bas Magielse, Fund Manager Parking Primevest Capital Partners adds: “Mitchell Street is very well located and an asset which is expected to provide a very stable and relatively attractive cash return for our investors.”

The fourth institutional Parking Fund is structured as a German Immobilien-Spezialfonds serviced by HANSAINVEST Hanseatische Investment-GmbH (KVG) and will invest in a portfolio of car parks throughout Europe.

Primevest Capital Partners is the leading specialist for car park investments in Europe, and has been launching funds in this segment for over ten years. Including BEREPF IV, the investment manager currently manages a total of six funds with 47 car park properties. Assets under management in the car park segment represent a value of around EUR 900 million. The properties are located at very strong locations in several European countries.

 

Primevest CP successfully completes acquisition of a pan-European car park portfolio

 
 
Primevest Capital Parners has successfully completed the acquisition of a European car park portfolio for its third institutional car park fund, a German open-ended special property fund. Seller was Bouwfonds European Real Estate Parking Fund I (‘BEREPF I’).

On completion, Primevest CP has also refinanced the car park portfolio. The car parks in Germany, the Netherlands and France have been refinanced through a financing facility provided by BerlinHyp AG and Deutsche Postbank AG as Lenders, whilst the car parks in the United Kingdom and Spain have been refinanced through a financing facility provided by Deutsche Postbank AG.

Following completion, Primevest CP has successfully expanded the portfolio and divested its BEREPF I portfolio. The portfolio is now invested in 21 car parks in total, located in major cities in seven European countries. The portfolio is now fully invested with an investment volume of almost EUR 400 million. The seller, BEREPF I, was the first investment fund exclusively dedicated to investments in car park real estate car park that Bouwfonds IM launched in 2005 and reached fund maturity. After a careful and strict compliance process, in order to manage potential conflicts of interest and to ensure a transparent, competitive and fair sale, the properties of BEREPF l have been sold to Primevest CP.

In this multi-jurisdiction transaction both seller and buyer obtained support from renowned advisors. The seller was amongst others supported by Cushman & Wakefield (broker), CMS (multi-jurisdiction legal and tax support), Bureau Veritas Asset Management (technical support). The buyer was supported amongst others by Unifore DMC Real Estate Finance (financing arranger), Deloitte (tax), DLA (legal transaction support) , whilst Latham & Watkins (Germany , United Kingdom & Spain), and NautaDutilh (Netherlands and Luxembourg) were responsible for legal advice on the financing documentation and legal restructuring. Technical advice came from Apleona/GVA. Dentons has advised the banks on the finance documentation in all jurisdictions.

IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH, Hamburg, Germany, is acting as the service asset management company for the fund, performing administration of the open ended special AIF.