IPD has strengthened its footing in the Netherlands, its second biggest market, with the purchase social housing sector performance analysis partner, aeDex, for an undisclosed sum.
The strategic tie-up with the social housing organisation, which has a demonstrable track record of strong financial performance, will enable IPD to further develop social property benchmarking, while establishing its first domestic office in one of the most sophisticated real estate markets on the Continent. aeDex will be integrated into IPD's Global Network to become IPD's ninth subsidiary as of September 1, 2009.
IPD already has an eight-year relationship with aeDex, managing the aeDex / IPD Netherlands Social Housing Index which tracks 13,366 social housing properties worth 78.1bn. Through partnership with aeDex, IPD has been able to develop its core
Portfolio Analysis Service alongside a suite of valuation database services and industry training.
Central to the integration of aeDex into the wider IPD Global Network is the continuity of its existing senior management. aeDex Managing Director, Arnoud Vlak, is to continue in his role while retaining his nine-strong team who will merge with IPD's London-based Dutch team, headed by Bas Burggraaf.
The acquisition is part of a wider strategy to strengthen IPD's presence in Dutch real estate markets, both commercial and social, as well as the further expansion of social housing services in other European countries. Regarding this, discussions are under way to review the existing collaboration arrangements with ROZ, IPD's partner on behalf of the Dutch institutional investment community.
Laurent Ternisien, IPD Managing Director, said: "Our acquisition of aeDex is a crucial part of a much broader Dutch and Continental strategy to deepen our coverage, and product offering, in European real estate markets. This integration will expand our combined capacity to serve the Dutch social housing market as well as improve service delivery, both in terms of speed, quality and product range. In addition, the acquisition will give IPD access to a very high level expertise in the broader social housing area."