'It’s expected that the growth in the number of lenders will result in increased competition, more choice for the consumer, and the possibility of providing mortgages at attractive rates.’
NautaDutilh has assisted Venn with the aquisition of the subsidiaries, the portfolio take-out and the financing. In addition, NautaDutilh assists Venn with the contemplaties refinancing by means of its first securitisation transaction. Lieke van der Velden, corporate/M&A partner at NautaDutilh, led the negotiations on the SPA between Venn and GE: "You don’t see a transaction like this every day. We knew straight away that the acquisition would be followed by the sale of the portfolio and a refinancing on the capital market. In the negotiations on the SPA we took account of the subsequent steps and the interests of investors in the securitisation. I think that the nice thing about this sort of deal is the intensive collaboration with the client and the various disciplines in our firm."
Venn is not the first foreign company to enter the Dutch market. In 2011, GI Partners entered the market with the purchase of two subsidiaries ofCitigroup Netherlands - Sparck and KU88. The securitisation transaction that ensued was also supervised by NautaDutilh.
As well as Venn, the Nationale HypotheekInstelling (NHI) and Dynamic Credit have announced their intention to enter the Dutch mortgage market and other parties are also seeing opportunities in a market that is developing rapidly. Once again, NautaDutilh is advising them on this. Michaëla Ulrici, chair of the board and partner inNautaDutilh's Structured Finance team adds, "We are emphasising the opportunities in the market and we are enthusiastic about the initiatives of our clients."