Dutch group Rodamco merges real-estate arms
NETHERLANDS – Property manager Rodamco Europe is creating the largest Dutch retail property investor by integrating Rodamco Retail Nederland (RRN), into Rodamco Nederland.
The combined retail portfolio value rises to e1.8bn making it the largest listed property company investing in the Dutch market. The entire property brief of the company will amount to e2.5bn.
Rodamco says it is going to concentrate mainly in retail property, which amounts to 72% of its total property investments, and that it will gradually scale down its holdings in the office sector.
The Rotterdam based RRN will move to Amsterdam where Rodamco Nederland is located and Martin Burghout, managing director of RRN will join the statutory board of Rodamco Nederland as a commercial director.
Henk Postma will become chairman of the management board of Rodamco Nederland, and the management says that no jobs will be lost as a result of the move.
Rodamco Europe owns just over 51% of the shares in the property asset manager and is offering its owners 1.28 new shares in the parent company for each share in RRN. This represents a premium of 10.4% of the company value, and the new shareholders will be entitled to dividend for the whole of this financial year.
The issued share capital of the company will subsequently increase by around 5m shares (approximately e230m), to about 77.4m.
The real estate manager’s supervisory and management boards support the merger.
The final merger proposal should be available by June 30.
Rodamco Europe has been advised by ABN AMRO Bank and RRN was advised by Kempen & Co.