ActivumSG exits VanWonen, sells stake to Dutch investors

European real estate investment manager ActivumSG has sold its majority stake in VanWonen, the second-largest independent residential developer in the Netherlands, to a group of Dutch investors. 

Van Wonen

This sale, completed on behalf of ActivumSG Fund VI, marks ActivumSG's exit from VanWonen, though VanWonen's management will retain a shareholder stake.

This transaction concludes a multi-year strategy by ActivumSG to build, grow, and then exit successful corporate real estate platforms in Europe's housing and hospitality sectors.

Since acquiring VanWonen in February 2020, ActivumSG has helped the company significantly improve its financial and operational performance, nearly quadrupling its EBITDA. VanWonen has grown to become a leading player in the Dutch residential market, which currently faces a housing shortage.

During ActivumSG's investment period, VanWonen's development pipeline nearly doubled from approximately 4,800 homes across 36 sites to around 9,000 homes across 56 sites, with a gross development value increasing from over €1.3 bn to more than €3 bn. The company expanded its focus from a regional developer in the east of the Netherlands to a national presence, with offices in key metropolitan areas.

VanWonen became the first Dutch real estate developer to undergo an annual independent ESG audit, achieving a low-risk ESG rating in 2024. The company is now working towards a carbon-neutral new-build target by 2040.

Stefan Mohr, head of Corporate Transactions at ActivumSG, commented: “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.”

Alfred Bolks, CEO of VanWonen, commented: “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.”

Saul Goldstein, founder and CEO of ActivumSG, said: “This strong exit marks the end of a successful platform-scaling exercise. We are pleased to be returning not only our invested capital, but also a substantial profit to our investors at a time when global financial markets are facing renewed challenges owing to heightened geopolitical uncertainty.”