Davis Polk advised Stichting Bedrijfstakpensioenfonds voor de Bouwnijverheid (Bouwinvest) in connection with the formation of a joint venture with affiliates of MacFarlane Partners Investment Management and the acquisition by the joint venture of (i) a non-controlling interest in “The Level”, a 540 unit rental apartment building located in Williamsburg, Brooklyn and (ii) Park Fifth High-Rise, a 347 unit rental apartment building under development in Los Angeles, California.

Located in the Netherlands, Bouwinvest is the Foundation for the Construction Industry Pension Fund. It serves Dutch employers and employees of the construction industry and has approximately €55 billion under management.

MacFarlane Partners has provided real estate investment management services to institutional investors since 1987, and has invested approximately $13 billion in properties in New York City, Los Angeles, the Bay Area, Seattle and Washington DC. Signature assets include New York City’s Time Warner Center.

The Davis Polk real estate team included partner Brian S. Lichter and counsel Brian D. Hirsch. Partner Leor Landa and counsel Jennifer Grant Cooper provided investment management advice. All members of the Davis Polk team are based in the New York office. 

KPMG provided tax advice. Paul Hastings LLP, Orrick, Herrington & Sutcliffe LLP and Kirkland & Ellis LLP advised MacFarlane Partners.