BAM sells stadium complex Zwolle
AM Real Estate Development, part of Royal BAM Group nv, has sold its stadium complex Zwolle, the Netherlands, to investors 'de Zwolse Lenferink Groep'.
The stadium complex was developed and being operated in the past years by AM Real Estate Development. The transaction is in line with BAM's strategy 'Building the present, creating the future', whereby the property portfolio is being reduced to less than €500 million (31 December 2016: €630 million) by 2020. In this context, BAM is adjusting the property portfolio by converting property outside the core urban areas into cash and using the proceeds to invest in equity light propositions in the core urban areas.
This divestment reduces BAM's property portfolio by approximately €45 million. The transaction is at book value and has a small positive cash effect due to the redemption of external financing.
The complex includes 38,959 m2 stadium, offices, retail, restaurants, a four-star hotel and leisure facilities.
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