:
Netherlands: Real estate investment manager ActivumSG has sold its majority stake in VanWonen, the Netherlands’ second-largest independent residential developer, to a consortium of Dutch investors.
The sale was completed on behalf of ActivumSG Fund VI. VanWonen’s management will remain a shareholder.
The transaction marks the culmination of “a multi-year value creation strategy, demonstrating ActivumSG’s ability to source, grow, institutionalise, and exit corporate real estate platforms across Europe’s accommodation (residential, living, and hospitality) sectors”.
Since acquiring VanWonen in February 2020, ActivumSG has supported the company in delivering strong financial and operational performance, with EBITDA nearly quadrupling over the term of the investment. With a strategy focused on growth and a mission centred on “creating homes and living environments for the healthiest generations”, VanWonen has now “positioned itself at the forefront” of the supply-constrained Dutch residential market.
Over the investment period, VanWonen’s development pipeline has nearly doubled in size by number of homes, growing from around 4,800 units across 36 sites to 9,000 units across 56 sites, with a gross development value (GDV) in excess of €3 billion, compared to in excess of €1.3 billion at acquisition. The business has evolved from a regionally focused developer in the east of the Netherlands into a national developer, with a presence across all key metropolitan areas. VanWonen is headquartered in Zwolle, with hubs in The Hague, Utrecht, Groningen and Nijmegen.
VanWonen is first real estate developer in the Netherlands to undergo an independent annual ESG audit by Sustainalytics, achieving a low-risk ESG rating in 2024. The platform is advancing a carbon-neutral new-build target for 2040, further enhancing its position in competitive tender processes.
Stefan Mohr, head of corporate transactions at ActivumSG, said: “VanWonen reflects our strategy of identifying and scaling high-quality real estate platforms in structurally supported sectors like residential and hospitality. Our focus throughout our ownership of VanWonen has been on supporting a robust, scalable business. The end-result is a business that is both operationally resilient and well-positioned to continue addressing the long-term structural undersupply of high-quality housing in the Netherlands. We are proud of what we have achieved alongside Alfred, Chris and the team, and believe VanWonen is exceptionally well-placed for the future.”
Alfred Bolks, CEO of VanWonen, added: “ActivumSG has been a strong partner throughout a period of rapid expansion. With their support we were able to strengthen our platform and scale nationally. This new group of investors has great confidence in our growth ambitions and supports our strategic direction focused on expansion. These Dutch investors are stepping in with full conviction and in doing so, they are sending a strong and positive message to the Dutch housing market.”
Highlights:
- Real estate investment manager ActivumSG has sold its majority stake in VanWonen, the Netherlands’ second-largest independent residential developer, to a consortium of Dutch investors
- The sale was completed on behalf of ActivumSG Fund VI
- VanWonen’s management will remain a shareholder
- VanWonen is first real estate developer in the Netherlands to undergo an independent annual ESG audit by Sustainalytics, achieving a low-risk ESG rating in 2024
