BAM reaches agreement about acquisition Belgian property developer Landsbeeck
Bunnik, Netherlands, 30 March 2007 - Royal BAM Group has reached agreement on the acquisition of all shares of the Belgian property developer Landsbeeck NV, which is based in Wilrijk, Belgium. The shares are held by the management. It is expected that the transaction will be completed within the next few weeks.
Landsbeeck and its subsidiary Kairos have been active on the high-end office development market since 1989. In 2006, the consolidated turnover amounted to some €60 million and a good result. The company is placed among the largest and most successful players in the Belgian property sector. The planned takeover of Landsbeeck and Kairos is in line with BAM's growth strategy, which was set out at the end of last year when the Strategic Agenda 2007-2009 was announced. It represents a significant expansion and reinforcement of BAM's property development activities in Flanders and Brussels.
Landsbeeck's activities are focused mainly on Brussels, Antwerp and the other urban areas in Flanders. The majority of the projects are developed in joint ventures with other parties, particularly local ones. The portfolio includes some 15 projects that are in progress and various concrete projects that are scheduled for a later date. Landsbeeck's present management will remain with the company until at least 2010. For the execution of the projects, Landsbeeck works closely with the Belgian non-residential construction company Interbuild, which has been part of Royal BAM Group since 1998. Landsbeeck's current owners also owned Interbuild until 1998.
Further information: A.C. Pronk, +31 (0)30 659 86 21.