Round Hill Capital has filed to liquidate two corporate entities in Amsterdam as part of preparations to sell a stake in the business to a large US manager.
Dutch publication Vastgoedmarkt reported earlier this week that Round Hill’s Dutch branch had been declared bankrupt by the Amsterdam court late in 2023.
A source close to the matter told PERE this was a proactive decision taken by Round Hill to wind down two separate entities in the Netherlands in order to simplify the corporate structure across Europe ahead of significant external investment into the business. The entities are Round Hill Capital Netherlands and Round Hill Development Management Netherlands. PERE understands the firm intends to retain a presence in Amsterdam with the existing staff and does not expect to make any reduction in headcount.
The investor in question is Los Angeles-based real assets investment manager CIM Group, as reported by React News in December. The firm has agreed to buy a significant minority stake in Round Hill Capital with the aim of growing the pan-European manager and extending its product range.
CIM Group manages approximately $32 billion in assets, according to PERE data. The US firm’s previous activity in Europe includes the opening of an office in London in 2021, through which it launched its Western European value-add strategy with the acquisition of an office campus in Guildford, UK, later that year. More recently, the firm announced in March 2023 it had expanded its $10 billion real estate debt solutions platform to Europe, intending to originate whole loans on transitional assets and core mezzanine loans in the UK and Western Europe.
CIM Group declined to comment on the transaction.
PERE’s source confirmed Round Hill’s liquidation of the Dutch entities will have no impact on the entities that hold the firm’s individual investments in the Netherlands, and the firm will continue to manage its investments with no disruption to its existing portfolio.
“Round Hill has had a long-term commitment to the Netherlands market, and our strategy and current investments are unaffected by the proactive decision taken to wind down two entities in the Netherlands,” said a Round Hill spokesperson.
This is not the first time a Round Hill entity has been wound down. In late 2022, RHC Europe LLC, the legal entity that employed the majority of the firm’s UK-based staff, was placed into liquidation.
However, the firm has also been growing its activities in areas. In June 2023, the firm closed its core/core-plus European Residential Income Fund II with nearly €440 million of equity commitments from a total of 11 investors, as reported by PERE.
The Netherlands is a core focus for ERIF II, which was used to capitalize the purchase of three new residential assets across Germany and the Netherlands for an aggregate €40 million in 2022. Other recent investments by Round Hill in the country include the development of a 506-bed student accommodation project in Maastricht, announced in early 2022.
Round Hill, which has $6 billion in assets under management, according to PERE data, invests primarily in multifamily residential property and owns and manages more than 140,000 units across the UK, US and Europe. It also invests across Europe in student accommodation, senior living, logistics and proptech.
The firm was founded in 2002 by Michael Bickford, who continues to serve as chief executive officer. In recent years it has partnered with several large North American firms on investments across Europe, including US managers Blackstone and KKR, and Canadian investors QuadReal and CPP Investments. In 2021, Round Hill formed a strategic partnership to invest specifically in Dutch residential assets with Abu Dhabi sovereign fund Mubadala Investment Company and Canadian investor Ivanhoé Cambridge.
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