The British investment company 3i is in negotations with TCN Property Projects about a participation with the Dutch developer. Rudy Stroink, CEO of TCN, expects that an agreement will be signed before the end of this year.
3i might take a major interest in TCN, but according to Stroink a take-over is excluded: "We are currently investigating the possibities and conditions for an eventual partnership. The partnership will be strong, but we are certainly not talking about a take-over."
The growth strategy of TCN, that focuses on redevelopment projects, is in line with 3i's growth strategy. "In general, investment companies are interested in redevelopment projects," says Stroink. "But due to the credit crisis they are becoming more hesitant. They will only participate in companies that have a clear growth strategy and a good reputation."
According to Stroink, it is not a prerequisite for the partnership that 3i takes an interest in TCN. The parties might eventually decide to set up a long-term partnership at project level. Stroink: "Until now no agreement has been signed, but a partnership will offer interesting opportunities to both of us."
Source: Het Financieele Dagblad