NN Investment Partners acquired a majority stake in Dutch mortgage-origination business Venn Hypotheken, based in Breda, the Netherlands, from European real estate private debt manager Venn Partners LLP, London, a spokeswoman said Monday.
The acquisition, terms of which were not disclosed, boosts NN IP's fund capabilities by offering institutional investors access to Dutch mortgage investment mandates through a platform with €1 billion ($1.1 billion) to invest in mortgages.
NN IP's NN Dutch Residential Mortgages Fund has €2.7 billion in assets under management.
"Given our strong presence and capability in the mortgage business, we are pleased to expand our client offering through this transaction," said Valentijn van Nieuwenhuijzen, CIO of NN IP, in a news release. "The partnership enables us to tap into additional sources of mortgages and emphasizes our belief to continuously adapt when it comes to catering to our clients' needs."
NN Investment Partners had €287 billion in assets under management as of Sept. 30.