Dutch property company TCN goes bankrupt

Another large Dutch property company has gone bankrupt after the banks withdrew support, the Volkskrant reports on Wednesday.

The success of TCN, which owns the Mediapark in Hilversum, propelled its founder Rudy Stroink onto the Quote 500 rich list in 2007, the paper said. The company was founded in 1994 and owns 40 projects in eight countries. These will now be sold individually.
Some 20% of Dutch office properties are currently empty and credit streams have dried up. Stroink told the Volkskrant the bankruptcy of Eurocommerce earlier this year was fatal for TCN. ‘At that moment the banks decided to put no more money into Dutch commercial property,’ he said. ‘They wanted their money back.’

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