Rabo Real Estate and OVG trade properties in MAB wind-up

Rabo Real Estate has acquired the shares in mixed-use complex De Rotterdam in the Dutch port city from developer OVG Real Estate, giving it 100% control of the property for which it has also provided financing.

At the same time, Rabobank’s real estate arm has sold development project Het Parc in the Amsterdam suburb of Amstelveen to OVG Real Estate.

Rabo said the transactions form part of the dismantling of its real estate development subsidiary MAB. Financial details were not disclosed.

Rabo said De Rotterdam, which was designed by architect firm OMA, was a ‘prime property’ to which it will add value through asset management.

For OVG Real Estate, the acquisition of Het Parc in Amstelveen reinforces its leading position in the Dutch office market.

Carolina Wielinga, CFO of Rabo Real Estate, said the transactions ‘fit into our strategy of winding up our commercial real estate activities. The 100% stake in De Rotterdam means we can act quickly and nimbly on the future of this building’.

For more on for Dutch real estate, see the article, video interviews and presentations from our Outlook 2015: Europe & The Netherlands investment briefing.