Patrizia Immobilien has sold a Dutch residential complex as part of the company’s strategy to focus on the most attractive cities in the Netherlands.

The €40bn real estate manager sold the complex in Zeist, which contains 479 residential units and 245 parking places, for an undisclosed sum.

Emile Poort, the head of Benelux transactions at Patrizia, said: “We have used the current upswing in the Dutch housing market to optimise our portfolio in line with our strategy in the Netherlands.

“The sale delivers on the business plan agreed with our clients and we are pleased to have been able to create the value we promised them.”

Late last year, Patrizia also sold 61 residential assets in the Netherlands for €200m to Woonzorg Nederland and Amvest, a move it said was in line with its strategy to focus on the most attractive Dutch cities.