SNS REAAL Groep N.V.
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Publicatie datum
31 jul 2006 - 06:58
Statutaire naam
SNS REAAL Groep N.V.
Titel
SNS REAAL tekent intentieverklaring met ABN AMRO voor aankoop van Bouwfonds Property Finance
Bericht
SNS REAAL signs letter of intent with ABN AMRO for acquisition of Bouwfonds Property Finance
Utrecht, 31 July 2006 - SNS REAAL and ABN AMRO Bank have signed a letter of intent on the acquisition of Bouwfonds Property Finance B.V. for a total consideration of € 840 million.
With Bouwfonds Property Finance, SNS REAAL gains a leading position in the market for commercial property finance in the Netherlands. 70% of Bouwfonds Property Finance’s activities are currently based in the Netherlands with the remaining 30% being international activities consisting primarily of property finance for Dutch clients abroad.
Bouwfonds Property Finance, part of ABN AMRO Bouwfonds, reported a net profit of € 87 million in 2005. The portfolio totals € 10 billion, most of which consists of funding for residential developments, shops and shopping centres.
“This acquisition will significantly strengthen SNS REAAL, and it fits perfectly with our growth strategy. By making this acquisition we are extending our existing activities in the property finance field. We are both broadening and strengthening our business (SME) segment as well as our sources of income,” said Sjoerd van Keulen, chairman of the SNS REAAL Executive Board.
“We view Bouwfonds Property Finance as a highly professional organisation, which through its decisiveness and no-nonsense mentality fits seamlessly within our organisation. We have every confidence in the knowledge and entrepreneurialism of the employees of Bouwfonds Property Finance, whom we welcome in SNS REAAL.”
Bouwfonds Property Finance will be positioned as SNS REAAL’s property finance specialist.
SNS REAAL will finance the acquisition with its proceeds raised during its IPO in May 2006 and own internal funds. The definitive transaction is subject amongst others to further due diligence and required approvals from supervisory authorities.
JPMorgan is acting as financial advisor to SNS REAAL in this transaction.
For further information:
SNS REAAL Grou
Datum laatste update: 20 december 2025