Arundel joins forces with Immac
Zurich-based real estate investment company Arundel and Profunda AG have signed a letter of intent for a reverse merger of Arundel, Immac Holding and HKA Hanseatische Kapitalverwaltung. The aim of the merger is international expansion.
The newly formed group will have structured assets totaling around ten billion euros (CHF 11.8 billion) and will have offices in Zurich, London, New York, Dallas, Dublin, Graz, Hamburg and Mauritius.
Immac is an investment company for real estate in the healthcare sector. The group was founded 20 years ago and invests in inpatient nursing homes, clinics and senior living facilities. Immac has invested over 1.5 billion euros (CHF 1.8 billion) in existing and new properties to date, with the properties primarily built and acquired as investments for special or mutual funds. Immac operates in Germany, Austria, Ireland and England. The group also includes DFV Deutsche Fondsvermögen, a specialist investor in hotels, residential and infrastructure. The company forms the investment platform outside Immac's healthcare business.
HKA Hanseatische Kapitalverwaltung is based in Hamburg and, as a regulated capital management company, specializes in asset management services for closed-end funds, in particular the design of alternative investment funds and their asset and property management. It currently manages over 80 funds with total fund assets of 1.5 billion euros (1.8 billion CHF).
Arundel was founded in 1988 as a real estate investment company and has been listed on the SIX Swiss Exchange in Zurich since 2005. In 2016, Arundel acquired London-based RP&C International.
Following the merger with Arundel, Immac intends to leverage the investment company's business relationships and contacts in the U.S. in the real estate and energy sectors to develop its mutual fund business and offer new fund offerings for private investors. In addition, Arundel is to provide Immac Group and HKA with capital from institutional investors and family offices in the USA and Asia for investments in real estate in Europe.
"The first U.S. funds of DFV Deutsche Fondsvermögen, which is part of the Immac Group, are expected this year. The first institutional funds are planned for 2019," says Thomas F. Roth, Immac board member responsible for sales.
Full implementation of the transaction, including the necessary regulatory approvals, is expected by the end of 2018.
