At Mapic last week, it was announced that the take-over of developer MAB by Bouwfonds Property Development has been completed. It is said that the exact details will be presented later on this week and in what way the two parties will be merged.
Bouwfonds, 100% owned by ABN Amro, announced on July 15 of this year to have reached an agreement with Hofima BV regarding take-over of all the shares of the MAB Group. In 2003 the new combination realized approx. 7,000 houses and 200,000 m² of commercial real estate in the Netherlands.
The transaction was structured as a take-over of all MAB shares by Bouwfonds. Resulting this transaction the development activities in the Netherlands, France and Germany will be bundled. A few projects of MAB are not included. These are mostly the projects where Bouwfonds has a joint venture through its subsidiary Bouwfonds Property Finance. In these projects Bouwfonds/MAB will act as developer.
MAB subsidiaries Shopping Center Management (SCM), MAB Investment and the MAB development companies in the UK and Belgium are also not included in the transaction. They will continue their activities unchanged as subsidiaries of Hofima.
In the mean time it has become clear that this new combination will be the largest developer of commercial real estate in the Netherlands.