A group of investment companies and pension funds, including Dutch pension asset manager PGGM, are taking over Dutch car lease company LeasePlan for €3.7bn.

LeasePlan is currently 50% owned by Volkswagen and 50% owned by Dutch company Fleet Investments, an investment company belonging to German banker Friedrich von Metzler.

‘Since Volkswagen acquired its stake in LeasePlan in 2004, the investment has developed positively. This development is reflected in the attractive offer received from the investors,’ Volkswagen CFO Hans Dieter Pötsch said in a statement.

LeasePlan is currently represented in 32 countries throughout the world, has a workforce of more than 6,800 people and about 1.5 million vehicles under contract.

The company, which also has a Dutch banking licence, reported net profit of €372m in 2014.

Sky News reported earlier this year that PGGM was leading the consortium to take over LeasePlan, which also included the Abu Dhabi Investment Authority (ADIA), the Government Investment Corporation of Singapore (GIC), and TDR Capital, a London-based buyout firm.