Macquarie Global Property Advisors (MGPA) is selling its 88% interest in Banimmo Real Estate (Banimmo) to Affine Group (Affine) and Banimmo management. Global Fund I acquired its interest in Banimmo with the Banimmo management team in October 2002. MGPA paid a price equating to a total value of €270m for the portfolio. The current value of the portfolio is estimated to be €276.3m. However, according to the group, this is not a meaningful comparison as during the fund’s ownership assets have been sold and profits distributed. Over the investment period, a return of over 20% per annum was achieved for the fund.
Banimmo, a Belgium real estate company, specialises in commercial real estate. It owns a portfolio of office and retail real estate assets, which comprises 23 properties and development projects in Belgium, Luxembourg and France.
Andrew Wood, chief operating officer of MGPA, said: “Since our investment in Banimmo, we have worked very closely with management in repositioning the company through the sale and acquisition of assets, expanding the company into France and restructuring the management team in order to better position Banimmo for future growth. This transaction represents an excellent exit opportunity for the fund reflecting the improvements in the company since our involvement and will deliver strong returns for our investors,” said Wood.
In September 2005, MGPA closed a second global property fund on approximately US$1.3bn that has over US$5bn buying power. The fund is investing in real estate in Europe and Asia.