Bouwfonds Property Finance B.V., established in Hoevelaken (The Netherlands), and Staalbankiers, established in The Hague (The Netherlands), have agreed in principle that Bouwfonds Property Finance will take over the Staalbankiers’ commercial real estate financing portfolio, including the employees involved. The portfolio amounts to about € 1 billion, and consists mainly of investment financing within the Netherlands. The portfolios of Staalbankiers and Bouwfonds Property Finance are mutually well-matched.
The take-over fits in with Bouwfonds Property Finance’s company strategy: namely, to fortify its position within the Dutch real estate financing market and to continue to expand into a leading international real estate financier.
At present, Bouwfonds Property Finance has a strong position within the Dutch real estate financing market and is successful both in Europe and in specific regions in the USA.
As announced earlier this year, Staalbankiers wishes to concentrate completely on Private Banking activities. The transfer of the portfolio of commercial real estate financing is an important step in that direction.
The actual transfer of the activities should be completed during the third quarter of 2004. Naturally, the measures involved with obtaining advice and permission, among others from the supervisory authorities, must be taken into consideration.
The transaction will be structured in the form of a take-over of all the Staalbankiers loans and linked securities by Bouwfonds Property Finance.
The take-over will not have any negative consequences for the employees. All employees associated with the portfolio will in time be employed by Bouwfonds Property Finance.