Exclusive negotiations to acquire substantial Dutch residential portfolio
Vesteda announces that it is in exclusive negotiations with NN Group (“NN”) to acquire a Dutch residential real estate portfolio of approximately 7.000 units for a total consideration of approx. €1.4 billion. NN and Vesteda envisage a transaction in which Vesteda shall acquire the residential real estate portfolio for a consideration consisting of Vesteda participation rights (approx. 75%) and a cash payment (approx. 25%).
The portfolio consists of a standing portfolio of approx. 6,000 residential units and an acquisition pipeline of approx. 1,000 residential units, both part of the former residential portfolio of Delta Lloyd. Vesteda’s portfolio after this transaction shall comprise of more than 28.000 residential units representing a total value of more than €6.0 billion.
The signing of a binding Sale and Purchase Agreement (“SPA”) is expected in the coming weeks. Closing of the transaction is expected in April 2018, subject to certain conditions.
This press release contains inside information within the meaning of Article 7(1) of EU Regulation No 595/2014.
Vesteda is an entrepreneurial investor with a clear focus on the Dutch residential real estate market. Vesteda invests funds for institutional investors such as pension funds and insurers. Vesteda has total capital of €4.8 billion invested in real estate. Its rental portfolio stands at a total of approx. 22,500 residential units. Vesteda’s key investment regions are the Randstad region and the Brabant metropolitan area.