NETHERLANDS - An agreement has been reached between the largest Dutch residential fund, Vesteda, pension fund giant ABP and investment house ING Real Estate regarding ING bagging a 25% stake (EUR725m) in Vesteda.
Currently Heerlen-based ABP is the only shareholder in Vesteda - specialists in the development of high-priced dwellings.
The transaction is expected to take place this year. In future ABP aims to further decrease its interest in Vesteda to a minority shareholding of approximately 25%.
This move is in line with ABP’s strategy to broaden the spread of its real estate portfolio from local to global and to enhance the liquidity of its real estate portfolio.
ING’s participation in Vesteda is directed by ING Real Estate Asset Management which invests capital for ING Group and that of third parties including institutional investors.
By Madhu Kalia
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