Dutch asset manager ASR has agreed to sell its real estate development arm ASR Vastgoed Ontwikkeling as it looks to focus on asset management and insurance.
Meijer Realty Partners has bought the company for an undisclosed sum, with the ownership transferring at the end of April.
The acquisition comes with a number of major ongoing developments including De Zuid Norfolk in The Hague, Kruisvaartkade in Urecht, the Meerdijk residential development in Eindhoven and Osdorpplein in Amsterdam.
ASR will complete and sell developments that are in an advanced stage including Leidsche Rijn Centrum and Centrumplan Waddinxveen.
Executive board member Michel Verwoest said: 'In August 2015 we announced that we no longer considered real estate development as one of our strategic core activities and that we would start the search for a suitable buyer. We have found the right partner in MRP.’
Bart Meijer, CEO of Meijer Realty Partners, said: ‘We are more than delighted with the planned acquisition of ASR Vastgoed Ontwikkeling. It is a great business with a history of successful and creative property development projects throughout the Netherlands.'
Meijer Realty Partners was advised by Fakton, KPMG and Simmons & Simmons.
