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De Brauw advises Bouwinvest on anchor investment in Tishman Speyer Korea Living I, LPBouwinvest Real Estate Investors is one of the Netherlands' leading real estate investment managers, with EUR 17.8 billion in assets under management on behalf of bpfBOUW, the pension fund for the Dutch construction sector. De Brauw assisted Bouwinvest in connection with bpfBOUW's USD 100 million commitment as anchor investor in Tishman Speyer Korea Living I, LP. The latter is a Singapore limited partnership that invests in residential real estate in South Korea. We advised across the full transaction, from initial structuring to closing. The team negotiated and drafted the Limited Partnership Agreement, Side Letter and Subscription Booklet. The transaction required careful navigation of bpfBOUW's regulatory obligations and investment policy restraints as a regulated Dutch pension fund investor alongside its cross-border commercial objectives. We secured a strong package of protections for bpfBOUW as anchor investor and first limited partner. We also negotiated a bespoke Green Promote structure, with the manager's carried interest being directly linked to the fund's performance against defined ESG milestones, embedding Bouwinvest's sustainability objectives into the fund's economic framework from the outset. 

Arjan Kleinhout rejoins De Brauw Blackstone Westbroek as Of Counsel from 15 October 2026. He specialises in public law and EU regulation. His focus areas are energy and environment, state aid, market regulation and public enforcement. 

What has changed Pursuant to the European Listing Act (Regulation (EU) 2024/2809 and Directive (EU) 2024/2811) implementation act (Implementation Act), managing directors and supervisory board members (or executive and non-executive directors in case of a one-tier board) of Dutch NVs listed on an EU regulated market no longer need to comply with both the national regime for notifying interests in shares and votes pursuant to article 5:48 of the Dutch Financial Markets Supervision Act and the European transaction notification regime pursuant to article 19 of the EU Market Abuse Regulation (MAR). As of 29 September 2026, the date on which the Implementation Act entered into force, the national regime has lapsed and only the notification obligations under the MAR remain.