Lone Star €3.2 billion acquisition of Propertize from the State of the Netherlands

Overview:

• NL Financial Investments, the Dutch state agency set up to manage the nationalised assets of various financial institutions, has completed the sale of real estate bank Propertize, formerly SNS Reaal, to private equity firm Lone Star for a total consideration of more than €3.2 billion. 
• The buyer will pay €895.3 million for the shares in the target, in addition to paying €2.35 billion to cover its outstanding debt, which is backed by a state guarantee.
• JP Morgan Securities provided debt financing for the deal as well as on the direct acquisition of certain loan assets from the target.
• Lone Star was advised by DLA Piper (Barbara van Hussen, Lex Oosterling, Daphne Bens, Paul Hopman)
• Freshfields Bruckhaus Deringer (Thijs Flokstra, Harald Spruit) advised JP Morgan Securities, assisted by a team from White & Case in London (Jeffrey Rubinoff).
• NautaDutilh (Leo Groothuis, Lieke van der Velden) acted for the seller.
• Propertize was assisted by a team from De Brauw Blackstone Westbroek (Anja Mutsaers) advised the target.

Jon Moore - Journalist - EMEA