Kempen is pleased to announce the successful acquisition of the €1.5bn Dutch residential real estate portfolio from NN Group by Vesteda
The transaction encompasses an asset deal consisting of an existing residential portfolio and a pipeline of new housing projects representing a total value €1.5 billion, making it one of the largest M&A transactions in the Dutch residential landscape
The acquired portfolio consists of 5,983 existing units, representing a total value of €1,295 million, and 794 pipeline units, representing a total value of €214 million
Both the existing residential units and the acquisition pipeline are part of the former residential portfolio of Delta Lloyd
The portfolio is highly complementary to the current Vesteda portfolio in terms of quality, geographical location and rental segment
The purchase price will be paid partially in newly issued participation rights (€1,080 million) and partially in cash (€429 million) from existing facilities and new debt. The cash component includes the instalments to be paid for the pipeline projects
The transaction has been unanimously approved by Vesteda’s participants during the EGM on 21 June 2018 and completion of the transaction is expected before the end of this month
After completion of the transaction, Vesteda’s portfolio will consist of approximately 30,000 residential units (including pipeline) representing a value of around €7.0 billion
Kempen acted as sole financial adviser to Vesteda
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. After completion of the transaction, Vesteda’s portfolio will consist of approximately 30,000 residential units (including pipeline) representing a value of around €7.0 billion. Vesteda’s key investment region is the Randstad region.
About NN Group
NN Group is an international financial services company, active in 18 countries, with a strong presence in a number of European countries and Japan. The Group offers retirement services, pensions, insurance, investments and banking to approximately 17 million customers. NN Group is listed on Euronext Amsterdam (NN).