TAG Tegernsee Immobilien has bought a stake in German residential company Bau-Verein zu Hamburg from Dutch pension funds ABP and SFB Real Estate.
Tegernsee, a former regional railway that has been turning into a real estate company, wants to expand its new apartment rental business.
ABP and SFB, along with Jones Lang LaSalle Co Investment, a vehicle which enabled JLL to co-invest in the deal, bought a stake in Bau Verein in 1999.
After a series of transactions, Tegernsee will now acquire a 44.4% stake in Bau Verein, while the ABP, SFB and JLL consortium will continue to hold 11.75% in Tegernsee.
The consortium will also subscribe to a capital increase in Tegernsee, which has former RSE head Dr Lutz Ristow as its chairman.
According to Rob Bingen, senior portfolio manager for ABP: “Our reasoning is that we think Bau-Verein is an interesting company, and it is an area in which Dr Ristow has lots of expertise that he has demonstrated through RSE.
“We think the company will benefit from Dr Ristow’s knowledge.”
