UK buy-out firm 3i is in talks to acquire a substantial stake in Dutch property company TCN Property Projects, according to a report in financial newspaper Financieele Dagblad. TCN confirmed on Friday the media reports to PropertyEU's sister publication PropertyNL.
UK buy-out firm 3i is in talks to acquire a substantial stake in Dutch property company TCN Property Projects, according to a report in financial newspaper Financieele Dagblad. TCN confirmed on Friday the media reports to PropertyEU's sister publication PropertyNL.
TCN director Rudy Stroink said that the two companies are expected to agree on the stake sale by the year-end. Stroink did not rule out the purchase by the UK firm of a majority stake in TCN, but added that there will not be a takeover. The two companies could also consider the launch of a long-term partnership on a project level, Stroink said.
TCN Property had a real estate portfolio of EUR 513 mln last year. Set up by Stroink just 13 years ago, TCN is a young, fast-growing firm owned 80% by Stroink with other managers and 20% by NPM Capital. In 2006, the company announced it plans to seek a listing by 2011.
The two companies have been in talks since the summer. With offices in the Netherlands, Germany, Portugal, Belgium, Turkey, Spain, UK, Austria and Hungary, TCN carried out its first project outside Europe last summer in South Africa.