Building firm Royal BAM Group has announced plans to merge its two operating companies active on the Dutch property market, AM Vastgoedontwikkeling and BAM Vastgoed. The new entity will operate under the name AM as from 1 January 2010.
Building firm Royal BAM Group has announced plans to merge its two operating companies active on the Dutch property market, AM Vastgoedontwikkeling and BAM Vastgoed. The new entity will operate under the name AM as from 1 January 2010.
BAM said the merger will result in one new, strong, broadly-orientated property company which will have 'an optimum leading position in the current and future market as residential and commercial property developer'. Its activities will also include property consultancy and project management.
AM Vastgoedontwikkeling and BAM Vastgoed achieved a turnover of approximately EUR 900 mln in total in 2008. The two companies currently employ some 350 workers in total. The merger is expected to result in about 50 redundancies.
The new operating company will be led by Peter Noordanus (AM Vastgoedontwikkeling) as chairman and Roel Vollebregt (BAM Vastgoed) as vice-chairman.
