Dutch real estate firm Orange Capital Partners has bought 173 newly developed residential apartments in the Netherlands from a KKR and Round Hill Capital partnership for an undisclosed sum.
In July 2018, KKR and Round Hill joined forces to buy a 3.1-hectare site to develop a mixed student and residential housing development in Utrecht. The venture represents KKR and Round Hill’s first student housing transaction in the Netherlands.
KKR’s investment was made through its Real Estate European Partners fund.
KKR and Round Hill said they have sold the newly-built residential scheme located on the Van Heuven Goedhartlaan to Amsterdam-based Orange Capital.
The duo said the dilapidated Oudenrijn hospital building, which is part of the scheme, continues to be regenerated and, together with a new 23 storey building that has been built, will provide 682 purpose-built student accommodation (PBSA) beds for the students.
Construction of the PBSA beds is expected to be completed in August 2020.
Seb d’Avanzo, managing director at KKR, said: “This transaction is the latest stage in our joint venture with Round Hill Capital, as we continue to develop high quality properties in a market with strong economic fundamentals and undersupply of student and residential accommodation.
“We see the Netherlands as an important real estate market and will continue to look for opportunities to invest in developing quality assets.”
Michael Bickford, founder and CEO of Round Hill Capital, said: “Round Hill Capital is pleased to have recently completed the development of this residential housing scheme, helping to meet the continuing growing demand for well-located, high-quality and affordable housing within Utrecht.”
Bickford said Round Hill remains committed to making further investments in residential and student accommodation real estate across select markets in the Netherlands, Europe and the US in line with the firm’s existing strategy and growth plans.