NN Group to sell Dutch residential real estate portfolio to Vesteda
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.
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