BERLIN (dpa-AFX) - Vonovia SE (DAIMF), a German residential property company, announced Friday that it is entering Dutch Residential Market with the acquisition of a 2.6 percent stake in Vesteda Residential Fund. The financial terms of the deal were not disclosed.
The planned closing date for the acquisition of the stake is June 30.
In the Netherlands, Vesteda holds about 27,000 residential units primarily located in the highly attractive Randstad region. Netherlands is one of the four non-German residential target markets for Vonovia.
This acquisition reconfirms Vonovia's ambition to build on its track record of scale and efficiency in Germany and to largely replicate this success story in comparable markets.
Rolf Buch, CEO of Vonovia, said, 'While the newly acquired stake is clearly only a small step in this direction, it puts us in an ideal position on which we can further build if and when opportunities arise.'
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