Catella Real Estate has raised €155m from six investors for its open-ended Dutch residential fund.
The Munich-based investment manager said its core-plus AIF Panta Rhei Dutch Residential, launched in 2015 with Panta Rhei Advisory, had €260m to invest in the sector.
Thomas Beyerle, head of group research at Catella, said: “The positive price trends for residential real estate in the Netherlands continue.”
Prices rose by 2.7% in the second quarter and are only 7% below the record prices of 2008 and 14% above the price levels of 2013, he said.
“The current housing shortage in Dutch metropolitan areas is expected to persist,” he added.
“The number of new residential units is stagnating, and the volume of planning permissions is on the decline. This makes the market very attractive for institutional investors.”
The fund has invested €79.3m in seven properties in Eindhoven, Nijmegen, Rijswijk, Utrecht-Nieuwegein, Rotterdam and Leidschendam, with a lease rate of 98%.
Another €20m will be invested by year-end.
The fund invests in the provinces of Groningen, Randstad, North Brabant and Arnhem/Nijmegen.