NN Group: sells ex-Delta Lloyd property portfolio
(CercleFinance.com) - NN Group said it has reached a final agreement with Dutch fund manager Vesteda for the sale of a Dutch residential real estate portfolio for approximately 1.
5 billion euros.
Vesteda will acquire a portfolio that consists of 5,983 existing residential units and 794 units that are development projects, both part of the former real estate portfolio of Delta Lloyd, which now belongs to NN.
The deal is expected to be completed by the end of June 2018.
Approximately 75% of the purchase price will be paid in participation rights in the Vesteda fund and 25% in cash, NN Group said.
While the Dutch insurer will record a capital gain of approximately 80 million euros in the second quarter, this transaction will not have a significant impact on its capital position or operating result, it said.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
5 billion euros.
Vesteda will acquire a portfolio that consists of 5,983 existing residential units and 794 units that are development projects, both part of the former real estate portfolio of Delta Lloyd, which now belongs to NN.
The deal is expected to be completed by the end of June 2018.
Approximately 75% of the purchase price will be paid in participation rights in the Vesteda fund and 25% in cash, NN Group said.
While the Dutch insurer will record a capital gain of approximately 80 million euros in the second quarter, this transaction will not have a significant impact on its capital position or operating result, it said.
Copyright (c) 2018 CercleFinance.com. All rights reserved.