The board of the Stichting Industrie- en Handelsgebouwen Groningen (a foundation connected to the Municipality of Groningen) has revealed its intention to discuss a sale of its shares in SIG Real Estate B.V. with TCN Property Projects. An agreement has been reached regarding the most important commercial points.
The take-over by TCN fits its European strategy to play a role in the market of public authorities real estate or public authorities related real estate. The mutual goal of this transaction is the strengthening of the market position.
TCN has said that they would prefer an integral take-over including the twenty employees. Depending on the outcome of the due diligence, the transfer of shares will happen mid April. The current board of directors will participate in the ownership of SIG.
SIG was founded in 1947 and has always been closely connected to the Municipality of Groningen. Its goal is to âpromote industry, trade, craft and other servicesâ. When the current director, Mr. Henk Wiering, joined SIG developed rapidly. At this moment, SIG Real Estate develops, realizes and exploits commercial real estate in all market segments in the northern region of the Netherlands. SIG Real Estate holds nine companies and a plan development company. The total real estate portfolio has a value of approximately â¬115 million and will grow to â¬150 million at short term.
The current size of the portfolio as well as the achievement of its goal, has made the board decide to start talks with market parties. Especially the long term character of both SIG as TCN has made the parties decide to go ahead together. TCN will also take over the objectives of SIG.
Source: TCN Property Projects
