NPM Capital, an independent subsidiary of SHV Holdings, has taken a 21 % share in TCN Property Projects. NPM Capital, based in Amsterdam, took over a tranche of shares from Strovast B.V., owned by Rudy Stroink. Another part of the transaction was the creation of new shares which were all placed with NPM. Besides the shareholders position NPM Capital will make additional funding available to support TCN's future growth.
TCN's has the ambition to double its European portfolio in size within 5 years to a value of 1 billion. NPM and TCN expect that through their partnership these goals can be achieved within this time scale. TCN views the partnership with NPM as a validation of its (TCN's) business model.
TCN Property Projects is fully committed to its current market approach. TCN's distinguishing company culture will also remain in place. NPM supports this in full.
Jan Willem Baud, Executive Chairman of NPM Capital, commented: "TCN is 'quite separate' within the sector property development by working on complex projects to which it adds value through intense business development and management. That approach we like and the sitting directors have proven their ability to deliver with healthy returns on investments. Furthermore TCN's outlook for the future is bright with a number of new projects under (pre) development"
Rudy Stroink, CEO of TCN Property Projects, commented: "In April 2004 we repurchased the shares of Crow Holdings in Dallas to place them with an European investor. With NPM we have completed this process and we are very pleased to have a prestigious formal investor like NPM Capital on board"
The investment of NPM is placed within its Busines sector Construction and Engineering. NPM already has substantial holdings in this sector like Blauwhoed Holding, Hillen & Roosen Groep en Oranjewoud holding.
Source: TCN Property Projects
