After a term of nearly six years, Heeneman & Partners has successfully concluded C.V. Het Lichtruim. The community real estate has been sold to the Municipality of De Bilt and the 20 residential units were sold to a residential investor through the transfer of the limited partnership interests. Thanks in part to this sale, the average total return for participants over the entire term reached over 19% per year, significantly exceeding the forecast. Bondholders also concluded their investment with an excellent average return of 7.4% per year, thanks to their profit-sharing arrangement, which is considerably higher than the original coupon rate of 4.5%.
Heeneman & Partners acquired Het Lichtruim in September 2020 from housing association SSW. The complex combines community real estate—including education, childcare, a theater, and a library—with 20 rental properties.
In the nearly six years that followed, we worked actively on the property and its operations. Financial results were not our only focus; management was conducted in close cooperation with the tenants, the Municipality of De Bilt, and the residents' committee.
This approach ultimately led to two separate transactions. Based on its own real estate strategy, the Municipality of De Bilt decided to purchase the community portion of Het Lichtruim. A separate solution was then found for the 20 residential units. The units were not sold individually but remained part of C.V. Het Lichtruim, after which the interests in the limited partnership were transferred to a residential investor.
Over the full term of the fund, participants realized an average total return of approximately 19% per year. This return consists of the periodic distributions during the operating period and the capital gain realized upon the final sale of the real estate and the partnership interests.
This means the realized total return is significantly higher than the return forecast at the start. For C.V. Het Lichtruim, an average forecast return of 7.3% per year was originally expected.
In addition to equity participation, the fund was initially financed in part with bonds carrying an interest rate of 4.5% per year. Upon the conclusion of the fund, bondholders also received a share of the profits. This profit-sharing resulted in an additional payout of 17.35% of the original investment. This brings the average return on the bonds over the entire term of less than six years to over 7.4% per year, which is considerably higher than the original coupon rate of 4.5%.
We would like to thank our participants and bondholders for their trust throughout the term of the fund, the tenants and the residents' committee for the pleasant cooperation, and the Municipality of De Bilt for the constructive collaboration during both the operation and the sale.
Legal and notarial support for the transactions was provided by Lexence, with Rafaèl Totev, Arief van Rhee, and Esther Vochteloo. BNG Bank acted as the financier during the term of the fund.
Since 2009, Heeneman & Partners has been an independent fund manager specializing in real estate investments, primarily for private investors. With a focus on transparency, quality, and responsible growth, the company manages variousreal estate fundswith a long-term horizon and an entrepreneurial approach. With over €450 million in assets under management, Heeneman & Partners specializes in supermarkets, community real estate, healthcare, hospitality, and retail properties in the Netherlands.
