American Tower, PGGM create European joint venture

American Tower Corporation (NYSE: AMT) and Dutch pension fund manager PGGM have agreed to form a joint venture (“ATC Europe”), which will focus on pursuing telecommunications real estate investment opportunities in select countries on the continent, the company said.

At closing, AMT will contribute its German assets into ATC Europe and PGGM will acquire a 49% interest in ATC Europe. American Tower will retain operational control and day-to-day oversight of ATC Europe.

Bank of America Merrill Lynch is acting as financial advisor to American Tower. The transaction is subject to customary closing conditions and is expected to close before the end of 2016.

American Tower, a global REITs, is an independent owner, operator and developer of multitenant communications real estate with a portfolio of over 144,000 communications sites.

PGGM is a cooperative Dutch pension fund service provider. Institutional clients are offered: asset management, pension fund management, policy advice and management support.