Takeover of property development company Proper-Stok Groep by Heijmans complete

Proper-Stok has a strong position in the property development market. In addition, the company is a trendsetter in urban renewal and integral plan development, particularly in the residential construction sector. The acquisition fits into Heijmans’ strategy to concentrate more on the urban renewal and high-quality residential construction sectors.

Consumer-oriented development, which anticipates the individual wishes of the client, will be an important spearhead for Heijmans in the coming years. In this light, when joined with the initiatives that Heijman has itself taken in this area, Proper-Stok’s operations are important for Heijmans. Proper-Stok’s projects are a vital and essential supplement to Heijmans’ array of operations. At the same time, Proper-Stok’s work methods will be a significant stimulus to quality thinking within Heijmans. In addition, Proper-Stok’s project-acquisition approach substantially complements that of Heijmans. Proper-Stok’s strength is becoming an early participant in projects by means of high-quality development concepts. Heijmans has a good reputation for the early acquisition of profitable land and other property positions. By combining knowledge and expertise, in a broad sense, Heijmans and Proper-Stok form a joint-venture partner that is interesting for various market players.

Proper-Stok is active almost everywhere in the Netherlands, with the operations concentrated in the middle and western parts of the country; the company is currently involved in developing approximately 15,000 residences. The company expects to produce a turnover of EUR 150 million in 2002 and employees 50 people. The profit is clearly higher that of the average Heijmans group company.

Given when the Proper-Stok firm will be taken over, the influence on the profit per share in 2002 will be marginal. Taking into account the amortisation of the goodwill, the effect on Heijmans N.V.'s 2003 profit will amount to € 0.36 per share.





Proper-Stok will maintain its own identity and will operate independently within the Heijmans IBC Vastgoedontwikkeling division. The general management of the Proper-Stok Groep remains in the hands of Peter van der Gugten. Founder Piet Proper will maintain his level of involvement as a member of the managing board. Both remain responsible for the company’s further development.