AMSTERDAM (AFX) - Bouwfonds, a property unit of ABN Amro Holding NV, said it
has agreed to buy MAB Group BV, the largest independent property developer in
the Netherlands.
Bouwfonds has worked previously with MAB on development financing.
MAB focuses on urban development and is currently involved in around 40
projects with a total sale value of 5.5 bln eur.
The transaction includes the activities in the Netherlands, France and
Germany, with around 85 employees transfering to Bouwfonds.
The transaction excludes MAB\'s activities in Belgium and the UK as well as a
unit focused on shopping centre management and MAB Investment BV.
Based on 2003 figures, the takeover adds 130 mln eur in sales and 6.5 mln
eur in pretax profit at Bouwfonds.
MAB sold around 300 homes and developed commerical real estate totalling
90,000 square meters in the Netherlands last year. Another 105,000 square meters
of commercial property was developed in France and Germany.
The deal is expected to be completed in the coming months with the
integration of MAB in Bouwfonds finished by the start of 2005.
Financial details of the takeover were not released.
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