Catella Investment Management Benelux (CIMB) has invested €52m to buy three housing schemes for its Dutch residential fund.
CIMB said it has acquired the three fully-leased housing developments in Nieuwegein, Dordrecht and Rijswijk, on behalf of the Catella Dutch Residential Fund ll from developer Bouwhuis Group.
The 141-apartment property in Nieuwegein is a former office building located on Marconibaan 5-55 in the Plettenburg district and was acquired for approximately €24m. The final delivery date of the converted residential project is planned for the second half of 2020.
The €6m Dordrecht asset building, dating from 1997, has been converted into a mixed-use scheme comprising 19 apartments. The project is already completed and fully let.
The third asset in Rijswijk has been acquired for €22m. The property will be converted into a residential complex with 128 apartments.
Voas Brouns, managing director, CIMB, said huge demand exists across the Netherlands for high-quality, affordable housing for young professionals, starters and students in the private rental sector, but supply is very scarce.
“Catella IM Benelux is stepping up its investments in these niche segments to help alleviate the accommodation shortage.
“All three properties are located in towns with favourable demographics and good connectivity and will add residential units of high quality in Nieuwegein, Dordrecht and Rijswijk.”