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22
June
2018
|
07:00
Europe/Amsterdam

NN Group to sell Dutch residential real estate portfolio to Vesteda

Summary

22 June 2018 | NN Group to sell Dutch residential real estate portfolio to Vesteda

Today, NN Group announces that it reached a final agreement with Dutch residential real estate investor Vesteda regarding the sale of a Dutch residential real estate portfolio of 6,777 units for a total consideration of approximately EUR 1.5 billion. Completion of the transaction is expected before the end of June 2018.

Vesteda acquires a portfolio that consists of 5,983 existing residential units and 794 units in development projects, both part of the former residential real estate portfolio of Delta Lloyd. The purchase price will be paid approximately 75% inparticipation rights in the Vesteda fund and 25% in cash. As a result of the transaction a capital gain of approximately EUR 80 million will be recognised as a non-operating item in the second quarter of 2018. The transaction will not have a material impact on the capital position and operating result of NNGroup.

  • NN Group profile
NN Group is an international financial services company, active in 20 countries, with a strong presence in a number of European countries and Japan. With all our employees, the Group provides retirement services, pensions, insurance, investments and banking to approximately 17 million customers. NN Group’s main brands are Nationale-Nederlanden, NN, Delta Lloyd, NN Investment Partners, ABN AMRO Insurance, Movir, AZL, BeFrank and OHRA. NN Group is listed on Euronext Amsterdam (NN).
  • Important legal information

Certain of the statements contained herein are nothistorical facts, including, without limitation, certain statements made offuture expectations and other forward-looking statements that are based onmanagement’s current views and assumptions and involve known and unknown risksand uncertainties that could cause actual results, performance or events todiffer materially from those expressed or implied in such statements. Actualresults, performance or events may differ materially from those in such statementsdue to, without limitation: (1) changes in general economic conditions, inparticular economic conditions in NN Group’s core markets, (2) changes inperformance of financial markets, including developing markets, (3)consequences of a potential (partial) break-up of the euro, (4) changes in theavailability of, and costs associated with, sources of liquidity as well asconditions in the credit markets generally, (5) the frequency and severity ofinsured loss events, (6) changes affecting mortality and morbidity levels andtrends, (7) changes affecting persistency levels, (8) changes affectinginterest rate levels, (9) changes affecting currency exchange rates, (10)changes in investor, customer and policyholder behaviour, (11) changes ingeneral competitive factors, (12) changes in laws and regulations, (13) changesin the policies of governments and/or regulatory authorities, (14) conclusionswith regard to accounting assumptions and methodologies, (15) changes inownership that could affect the future availability to us of net operatingloss, net capital and built-in loss carry forwards, (16) changes in credit andfinancial strength ratings, (17) NN Group’s ability to achieve projectedoperational synergies and (18) the other risks and uncertainties contained inrecent public disclosures made by NN Group.

Any forward-looking statements made by or on behalf of NNGroup speak only as of the date they are made, and, NN Group assumes noobligation to publicly update or revise any forward-looking statements, whetheras a result of new information or for any other reason.

This document does not constitute an offer to sell, or asolicitation of an offer to buy any securities.

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