The Fortress Groep (Rotterdam) has entered into an agreement in principle regarding the acquisition of property developer Maeyveld (Amsterdam).
The acquisition is in line with the Fortress strategy to enhance its investment activities by intensifying its focus on the property market, inspired by a vision of providing optimal service for its clients. The foundation is based on the investment portfolio, enabling Fortress to respond effectively to current housing issues regardless of whether the market is declining or booming. Well-known examples of Maeyveld developments include: Babylon in The Hague, the Haarlem stadium, the Conservatory of Amsterdam and the development along the riverbanks of the IJ in Amsterdam.
Fortress currently possess approximately €0.3 billion in development potential, while Maeyveld has some €1.5 billion in potential developments in its portfolio. When these two join forces, an effective and expert player on the Dutch property market emerges, with a potential for about €1.8 billion in turnover. This acquisition, which includes the take-over of the Maeyveld personnel, represents an important step forward for Fortress in realising its strategic objectives for risk distribution. The Maeyveld activities will eventually be integrated into the Fortress organisation. The transaction will be effected in mid-March.
Source: Fortress Participations