27 February 2006 – Macquarie Global Property Advisors (MGPA), a private equity real estate fund advisor, announced that its Global Fund I has agreed to sell its 88% interest in Banimmo Real Estate (Banimmo) to Affine Group (Affine) and Banimmo Management based on a valuation of €103.5 million which reflects 100% of the company’s equity.  

Global Fund I acquired its interest in Banimmo in conjunction with the Banimmo management team in October 2002. 

Banimmo, a Belgium real estate company, specialises in commercial real estate and has gained recognition for its skills in repositioning office and retail assets.  It owns a portfolio of office and retail real estate assets with an estimated value of €276.3 million which comprises 23 properties and development projects in Belgium, Luxembourg and France.

Andrew Wood, Chief Operating Officer, 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 Mr Wood.  

Maryse Aulagnon and Alain Chaussard of Affine said, “We are excited about the opportunity this represents for Affine.  Our investment in Banimmo is consistent with our strategy to expand our operation into neighbouring countries of the Eurozone.  The expertise of the Banimmo team in terms of redevelopment of office and commercial buildings will allow the group to enlarge its scope of operations as an investor, notably in France and in Belgium.” 

In September 2005, MGPA closed a second global property fund having raised approximately US$1.3 billion that has over US$5 billion in buying power.  The fund will invest in real estate in Europe and Asia. 

“We believe that Europe continues to offer attractive investment opportunities and yields and we look forward to making further investments in due course,” said Mr Wood.