Dutch civil service pension fund ABP has acquired a 75% stake in the Open Tower Company (OTC), which operates more than 800 telecom towers in the Netherlands.
The OTC was previously owned by Rabobank and Novec, a subsidiary of power grid operator Tennet. Novec will keep its 25% stake, according to the four players.
A spokesman for Rabo Bouwfonds Communication Infrastructure (CIF) said that the seller and buyer had decided not to provide financial details of the transaction.
CIF and Novec set up OTC in 2009 in order to establish a telecom tower network for mobile communication in the Netherlands.
In a joint statement, Corien Wortmann-Kool, ABP’s chair, said that the telecom sector was attractive to ABP “as it offered potential for strong growth and added to diversification within its infrastructure portfolio”.
She added that the investment would contribute to managing and developing crucial infrastructure for mobile connection, in particular in the rural areas in the Netherlands.
Earlier this year, ABP acquired a portfolio of 48 infrastructure assets for €700m from the Dutch Infrastructure Fund. Assets included the DUO government building in Groningen, the Montaigne school in The Hague, hospitals as well as part of the A15, the main access road to Rotterdam’s ports.