PGGM, ATP join sovereign wealth funds in €3.7bn car-lease deal

first_imgThe €186bn Dutch asset manager PGGM and the €110bn Danish statutory pension fund ATP have bought minority stakes in Dutch car-lease company LeasePlan.They made the investment as part of an international group, which purchased full ownership from Global Mobility Holding – jointly owned by Volkswagen Group and Germany-based Fleet Investments – in a €3.7bn transaction.The consortium included the sovereign wealth funds of Abu Dhabi (ADIA) and Singapore (GIC), as well as institutional investment funds managed by TDR Capital and Goldman Sachs’s Merchant Banking Division.PGGM spokesman Maurice Wilbrink said: “We consider LeasePlan as a very promising company with a solid growth strategy for added value.” PGGM, asset manager for the €166bn healthcare scheme PFZW, cited its participation as “a long-term investment with an attractive risk/return ratio”.It said it would supply one of the consortium’s additional two members on the supervisory board of the car-lease firm, and that the group would share its expertise with the company’s management.Wilbrink declined to provide details about PGGM’s stake or about expected returns.The €19.7bn company, however, reported a net profit of 14% over 2014.On behalf of the consortium, Eric-Jan Vink, head of PGGM’s private equity team, said: “We are investing in the future of a company with an unmatched portfolio of market-leading assets, highly knowledgeable and dedicated staff and a sound strategy under a highly experienced management.”According to LeasePlan, the group intended to finance the acquisition through an equity investment of approximately 50% of the purchase price, a mandatory convertible note of €480m and a cash-pay debt facility of €1.55bn.Founded in 1963, the company has become a global market leader, with operations in 32 countries and total fleet management of 1.4m vehicles.It employs 6,800 staff in total.The deal should be concluded by the end of this year, pending regulatory approval.last_img read more

Omeruo’s Leganes offer to buy ambulance for emergency services

first_imgKenneth Omeruo’s CD Leganes have offered to donate an ambulance worth €80k through its Foundation to the health services of the city of Leganes.Advertisement Read Also: Costa: My toughest teammate at Juventus is not RonaldoThe funds will be used to buy news tests, water, disinfectants, blankets, masks and other material that will help amid the health emergency within Spain.Interestingly, Leganes called for support last month, urging locals to donate towards the Foundation activities with the hope of helping ease the mass pressure on the nation’s health services. Promoted ContentMeghan And Harry’s Royal Baby: Everything You Need To Know6 Interesting Ways To Make Money With A DroneThe Models Of Paintings Whom The Artists Were Madly In Love With5 Of The World’s Most Unique Theme ParksInsane 3D Spraying Skills Turn In Incredible Street Art7 Universities In The World Where Education Costs Too MuchWorld’s Most Delicious Foods6 Incredibly Strange Facts About HurricanesA Hurricane Can Be As Powerful As 10 Atomic BombsTop 10 Most Romantic Nations In The WorldFantastic-Looking (and Probably Delicious) Bread ArtWhat Happens When You Eat Eggs Every Single Day? FacebookTwitterWhatsAppEmail分享 center_img Loading… According to report coming out of the La Liga outfit, the Foundation funded by those connected to the club – fans have offered to help the local community – considered to be part of the Madrid metropolitan area.It follows on from the club’s donation of €200k to their local Severo Ochoa hospital to help battle the coronavirus and have prioritised their Foundation funds towards the health services.last_img read more