REAL ESTATE – A major shareholder of property investor Nieuwe Steen Investments has sold its 12% stake to Israel-based Habas Group, the company announced.

NSI founder Jo Roelof Zeeman and family have sold their shares for €22.24 each, totalling approximately €95m, family member and executive chair Anka Reijnen confirmed.

The shares will be transferred into a new Dutch subsidiary company of Habas, she said.

Two weeks ago, the NSI board decided not to accept Habas’ offer of €21.90 per share for a stake of at least 20% in the listed company. The reason was that some major shareholders were not interested, Reijnen indicated.

As a consequence, Habas withdrew from discussions on a strategic cooperation. Habas had been considering a public bid for all NSI shares.

"Zeeman respects the opinion of every shareholder. He has however decided to sell his and his family’s stake in a private transaction, after the public bid was cancelled because of insufficient interest," NSI said in a statement.

Reijnen and fellow-director Johan Schipper – also a member of the Zeeman family - will stay on, she said. Both have indicated to consider the sale of their stake to be separate from their position as governors of the company.

According to NSI, Jo Roelof Zeeman will keep his role as chairman of the supervisory board, as well as a member of its investment council and board of the Stichting Prioriteit NSI.