Ballast Nedam takes over Hollestelle (NL)

The Dutch construction group Ballast Nedam has taken over project developer Hollestelle Vastgoed Ontwikkeling in Groningen, the Netherlands. Hollestelle has a portfolio of approximately €70 million.

With this acquisition Ballast Nedam’s division Bouw en Ontwikkeling (Construction and Development) intends to reinforce its position in the Northern part of the Netherlands. The project developer focuses on the development of high standard residential architecture.

In addition, the developers’ combination Ballast Nedam/BAM announced the agreement with the municipality of Almere (the Netherlands) for the development of Olympiakwartier. This project consists of the development of approximately 900 apartments and dwellings and more than 10,000 m² of office space in the center of the new city district Almere Poort. Until 2013, the will ensure a profit of about €1 billion.

Source: De Financiële Telegraaf

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