Bouwinvest Real Estate has made two new investments in the US worth €136m as it seeks to grow its international portfolio by 43% to €4.3bn in 2020.
The €10.5bn Dutch property investor said it has invested in inner-city residential projects in New York and Los Angeles.
The projects - Level BK in New York and Park Fifth high-rise in Los Angeles – comprise 901 apartments in total, and the investment has been made through a joint venture with property manager and developer MacFarlane Partners, it said.
The New York project consists of 554 apartments along the East River in Brooklyn. The 347 apartments in Los Angeles are part of the Park Fifth building next to Pershing Square, a large and lively square near main roads and an underground station.
Bouwinvest said it would like to make more direct investments in co-operation with local partners.
Gijs Plantinga, Bouwinvest’s director for Northern American Investments, pointed out that demand for residential property in North America was high as a consequence of rapid population growth.
“Therefore, residential property will be key to our investment strategy to increase our stake in North America from €1.1bn to €1.5bn of direct investments through joint ventures and co-investments in 2020.”
Bouwinvest said it plans to expand its international investments, including stakes in North America, Asia-Pacific and Europe, from €3bn to €4.3bn in 2020.
Bouwinvest is the property investor of BpfBouw, the €58bn pension fund for the building sector.
In the Netherlands, Bouwinvest invests in direct property for its five sector funds.
Both its Residential Fund and its Retail Fund have been opened to other institutional investors and have attracted 18 other pension funds so far.