Netherlands-based Bouwfonds Property Development has reached agreement with Dutch engineering firm Grontmij on the acquisition of German housing developer Kontrola. The takeover sum was not disclosed. The deal also includes the acquisition of 49% of the shares in the OolderVeste area development by Bouwfonds subsidiary Nouville Ontwikkeling.
Nouville already held 51% of the shares in this project. The sale of these non-core real estate activities generated a positive cash flow for Grontmij of EUR 19.5 mln during the first six months of 2010 and a book loss of EUR 0.5 mln over the same period.
Housing developer Kontrola is based in Cologne and is active in the area around this city. The organisation has 15 staff members and over the past few years has sold on average 200 homes a year. The acquisition also provides Bouwfonds with a portfolio offering a production pipeline for the years ahead.
Kontrola will be integrated in Bouwfonds' German subsidiary Bouwfonds Immobilienentwicklung. Bouwfonds Immobilienentwicklung also has branches in Hamburg, Düsseldorf, Frankfurt, Stuttgart and Munich.
Walter de Boer, CEO Bouwfonds Property Development said: ‘Kontrola has a solid position and an excellent reputation in the Cologne region.
The acquisition therefore ties in well with the ambition of Bouwfonds to realise ongoing growth in Germany so as to also acquire a leading position on that country’s housing market.'
Bouwfonds Property Development is one of Europe’s largest area developers. The company specialises in developing sustainable residential areas and small commercial properties in the Netherlands, France and Germany. Bouwfonds Property Development is part of Rabo Vastgoedgroep.