Yesterday, the State of the Netherlands signed the purchase agreement regarding the sale of Propertize, a consortium.
NautaDutilh advises NLFI, the foundation that manages the shares in nationalised financial institutions on behalf of the State. The purchase price for Propertize amounts to EUR 895.3 million euros, of which EUR 22.5 million is conditional.
The State of the Netherlands acquired Propertize, previously named SNS Property Finance, when SNS REAAL was nationalised in 2013. On 31 December of that same year, Propertize was made independent and received a capital injection from the State of the Netherlands amounting to EUR 500 million.
“This transaction represents another important step in reducing the stake of the State of the Netherlands in nationalised financial institutions”, comments Lieke van der Velden, partner Corporate M&A. “We at NautaDutilh are proud to have made another contribution to that effort, as we did when ASR was listed two weeks ago. It is an interesting transaction with a colourful palette of legal questions, and one in which we as a firm are able to assist NLFI with our broad expertise in all of the relevant issues. A team of attorneys, civil-law notaries, and tax advisors worked hard on this transaction over the past few months.”
The transaction is expected to close in September 2016. The transaction is subject to, among other things, approval of the relevant regulators.
The Ministry of Finance published a press release.