ABN AMRO has reached an agreement in principle to sell the property and asset management activities of its Bouwfonds subsidiary to Rabobank for €845 million. The transaction concerns Bouwfonds Property Development, Bouwfonds Asset Management, Bouwfonds Fondsenbeheer, Rijnlandse Bank and Bouwfonds Holding.
Furthermore, ABN AMRO signed a letter of intent with SNS REAAL for the sale of Bouwfonds Property Finance for approximately €840 million. Parties expect to agree on final terms before the end of the third quarter of 2006.
Both transactions are subject to the approval of the relevant supervisory and competition authorities and works councils and are expected to close before the end of the year.