The agreed purchase price is EUR 375M and the transaction is carried out as a share deal. The transaction will initially be financed through existing cash as well as equity contribution from existing shareholders, and subsequently mortgage financing will be taken out for a part of the purchase price.
The acquisition fits well with the strategy of Heimstaden, providing affordable homes in locations with strong underlying fundamentals, and will support further operational synergies of the Dutch operations. After the acquisition, Heimstaden will have a portfolio consisting of approximately 12,600 homes in the Netherlands.
“We are expanding in the Netherlands and are pleased to see our local Dutch investment team up and running in such an excellent way, showing such dedication in living out our values. At a time of uncertainty, we seek long-term investments in the residential market. We strongly believe in the housing-market fundamentals, especially in the Netherlands.” says Christian Fladeland, Co-CIO of Heimstaden.
“This portfolio will strengthen our Dutch presence in the fastest growing areas in the country. We are looking forward to offer friendly and affordable homes with diligent care for our customers,” says Mattis Falkentoft, Investment Manager at Heimstaden.
Heimstaden was advised by Loyens & Loeff (legal and tax) on the transaction.