Sunday, 1 February 2026
BF.infrafinance GmbH has appointed its co-founders Nicholas Brinckmann and Richard Apfelbacher as Managing Directors. The company, established in October 2025 as a joint venture between BF.direkt and the Fox Group, focuses on structuring debt solutions for logistics real estate developments on behalf of institutional investors.
BF.infrafinance’s mandate is to set up debt structures, primarily via Luxembourg vehicles, including funds and separate account mandates and to provide the resulting capital to property developers. The company reports a project pipeline with an aggregate loan volume of around €1.4 billion, of which approximately €300-400 million is currently under detailed review.
The firm is currently concentrating on whole-loan lending, with loan-to-cost ratios of up to 85%. Planned investment vehicles are expected to have maturities of six to eight years, while individual loans will typically run for about 24 months. Pricing is expected to reflect mid- to upper-single-digit annual interest rates, depending on project quality and planning status.
BF.infrafinance has assembled a team with experience across loan underwriting and servicing, including cash-flow management, covenant monitoring, reporting, collateral administration and compliance.
Richard Apfelbacher brings more than 20 years of investment experience. Prior to joining BF.infrafinance, he was Managing Partner at Sienna Real Estate (formerly L’Etoile Properties), where he led the expansion of the Germany platform and contributed to growth in assets under management across office, logistics and hospitality properties in Europe. He also serves on the advisory committee of the investment arm of an international logistics developer.
Nicholas Brinckmann previously spent nearly two decades as CEO of HANSAINVEST Real Assets (now SICORE Real Assets) and as Managing Director of HANSAINVEST Hanseatische Investment GmbH, both part of the Signal Iduna group. In those roles, he oversaw international real assets in 18 countries, including logistics portfolios of around €1.0 billion, and was responsible for establishing more than ten regulated investment vehicles. Earlier in his career, he held senior positions at MEAG MUNICH ERGO AssetManagement GmbH and Union Investment Real Estate GmbH.
