The history of BGP
BGP Asset Management took over delivery of services previously provided by externally managed business units at the beginning of 2015. BGP AM's services enable value-enhancement of residential property at every step of the management chain.
A capital expenditure programme was launched in order to raise the value of the group's housing portfolio. €27 per square metre was invested on maintenance and modernisation work in 2014. Budgeted capital expenditure for 2015 amounts to as much as €30 per square metre.
BGP Asset Management and BGP Immobilien Service GmbH founded a joint letting agency to take over nationwide lettings management for BGP's properties from November 2014.
BGP Asset Management acquired 100% of the shareholdings of Penta Property and Neuhausmeisterdienst.
The primary focus of BGP in 2013 was on refinancing BGP Investment's housing portfolio. The refinancing was successful and resulted in significantly more attractive conditions on the company's €600 million of loans. In parallel, property management processes were fully integrated: BGP Asset Management took a 50% stake in Penta Property. The management of the residential units, previously in the hands of external property managers, was incorporated into BGP AM.
Penta Property GmbH was established in June 2011 in order to manage 1,800 units, mainly in Berlin, for BGP Investment.
BGP Asset Management took a stake in the newly-founded Neuhausmeistdienst GmbH in order to improve building supervisor services for its tenants. A flat-rate pricing model enabled costs to be frozen whilst at the same time significantly increasing the number of local building supervisors.
A proprietary IT tool provided the data necessary for object-specific strategic planning and controlling. Using the tool it was possible to plan individual investments in much more detail and employ resources more efficiently.
At the same time, the group initiated a sell-down of assets that did not form part of its core business operations.
Against the backdrop of the global economic crisis, BGP focussed investment on stability and repositioning. The company would now concentrate on its housing portfolio in Germany.
In the same year, the BGP Asset Management GmbH subsidiary was set up. The new company was tasked with optimising core business processes such as lettings, modernisation and maintenance.
BGP Investment's portfolio was made up of European residential, industrial and retail properties, with an early focus on German residential real estate.
The holding company's gross assets were valued at more than €3 billion.
BGP Investment S.à.r.l. was established in mid-2005 as the European holding vehicle of the joint venture between Babcock & Brown and the GPT Group.