DWS has expanded its presence in the Dutch residential market with the acquisition of a fully-leased portfolio for €71m.

The manager said it has agreed to buy 369 apartments in The Hague for one of its German retail real estate funds.

The assets are spread over a total of 311 blocks, DWS said, adding that more than a quarter of the apartments were built between 1870 and 1990. The manager intends to modernise some of the apartments in order to improve their environmental credentials.

Martin Weikamp, the head of Northern Europe transactions at DWS, said: “This investment continues our strategic focus and commitment to Dutch residential properties. The residential market in the entire Randstad region, including The Hague, has developed extremely positively in recent years.

“The area has seen high demand resulting from strong household growth, which could not be met due to persistently low development volumes. While completion volumes have recently recorded a slight increase, demand remains significant.”

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