• Exit demonstrates ActivumSG’s expertise in identifying, institutionalising, and scaling corporate real estate platforms across Europe
  
• VanWonen is a national residential developer with a secured pipeline of over 9,000 units, with a GDV in excess of €3 billion, representing more than 150% growth in GDV since acquisition
  
• Since 2013, ActivumSG has invested more than €1 billion of equity into real estate development and operating platforms, primarily in the residential, living and hospitality sectors

Eindhoven, 13th April 2026: ActivumSG, one of Europe’s leading independent real estate investment managers, has today announced the sale of its majority stake in VanWonen, the Netherlands’ second-largest independent residential developer, to a consortium of Dutch investors. The sale was completed on behalf of ActivumSG Fund VI. VanWonen’s management will remain a shareholder.

The transaction marks the culmination of a multi-year value creation strategy, demonstrating ActivumSG’s ability to source, grow, institutionalise, and exit corporate real estate platforms across Europe’s accommodation (residential, living, and hospitality) sectors.

Since acquiring VanWonen in February 2020, ActivumSG has supported the company in delivering strong financial and operational performance, with EBITDA nearly quadrupling over the term of the investment. With a strategy focused on growth and a mission centred on “creating homes and living environments for the healthiest generations”, VanWonen has now positioned itself at the forefront of the supply-constrained Dutch residential market.

Over the investment period, VanWonen’s development pipeline has nearly doubled in size by number of homes, growing from c.4,800 units across 36 sites to c.9,000 units across 56 sites, with a gross development value (GDV) in excess of €3 billion, compared to in excess of €1.3 billion at acquisition. The business has evolved from a regionally focused developer in the east of the Netherlands into a national developer, with a presence across all key metropolitan areas. VanWonen is headquartered in Zwolle, with hubs in The Hague, Utrecht, Groningen and Nijmegen.

As part of its growth, headcount has increased from 40 employees at acquisition to more than 80 employees today. VanWonen has also strengthened its sustainability credentials, becoming the first real estate developer in the Netherlands to undergo an independent annual ESG audit by Sustainalytics, achieving a low-risk ESG rating in 2024. The platform is advancing a carbon-neutral new-build target for 2040, further enhancing its position in competitive tender processes.

ActivumSG’s approach combined close strategic partnership with VanWonen’s senior leadership and a clearly defined platform-building toolkit, including an enhanced acquisition strategy, access to capital, and institutional-quality governance. This was supported by the development of scalable processes and active collaboration through periods of market disruption, including the COVID-19 pandemic, increased inflation, higher interest rates, and the ongoing Russia-Ukraine conflict.

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. We are proud of what we have achieved alongside Alfred, Chris and the team, and believe VanWonen is exceptionally well-placed for the future.”

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. Our corporate platform strategy continues to provide investors with differentiated access into some of European real estate’s most compelling opportunities, and together with our direct asset and special situations investments, forms a key pillar of our ‘all-weather’ playbook.”

The transaction marks a major divestment for ActivumSG Fund VI and further reinforces ActivumSG’s long-standing record of value creation through corporate platform investments. Since 2013, ActivumSG has invested more than €1 billion of equity into real estate development and operating platforms, primarily in the accommodation sectors. Other notable platform investments by ActivumSG include:

• Carestone, Germany’s leading senior care home developer that has delivered over 21,000 senior care units, with a €1.3 billion (GDV) secured development pipeline encompassing 4,800 units across 60 projects;
• Centralis Immobilien, a German-based serviced apartment property company that ActivumSG is currently scaling into a €500 million+ platform;
• Instone Real Estate, whereby ActivumSG led the formation and subsequent initial public offering of the first pure-play residential developer to be publicly listed in Germany; and
• Odyssey Hotel Group, a white label hospitality operator currently managing a portfolio of 27 hotels in six countries (Germany, the Netherlands, Spain, Belgium, Sweden, and Finland) totalling over 4,400 rooms, with a further 33 hotels in the pipeline