Netherlands-based residential real estate investor Woonhave has bought a €100m portfolio from a Catella Residential Investment Management (CRIM) fund.
CRIM has sold the Dutch housing portfolio of 355 apartments on behalf of the Catella European Residential Fund (CER).
The portfolio covers around 30,025sqm of lettable space across six properties located in Leiden, Rotterdam, Tilburg and Woerden, CRIM said, adding that the average occupancy rate was 97.6% at the end of October.
Jasper Leydes, the head of acquisitions at Woonhave, said the Catella portfolio is fully concentrated in the Holland Metropole region in the west of the country and, as such, is a solid addition to Woonhave’s growing portfolio.
“Woonhave is well positioned to optimise the rent potential in the portfolio and prepare these well-located assets for long- term ownership thanks to our in-house, hands-on property management, especially against a background of sustained and strong tenant demand.
“We are very familiar with these markets and were able to make a swift commitment which Catella appreciated. We now look forward to operating these great multi-family complexes.”
CRIM’s managing director Xavier Jongen said the disposal is in line with CER’s active approach to capital recycling, where all the assets in the portfolio are assessed against the fund’s core investment criteria.
“Quality residential assets are in strong demand and these properties were sold at a price well above book value, thus generating a profit for the fund.”
Since the fund’s launch in 2007, it has achieved annual total returns of 8.6% for investors, Jongen said.
Maurits Olde Meule, CIMB’s managing director, said: “In the Netherlands, we advise on some €350m assets for CER alone and the fund’s high occupancy rates of more than 97% are a testament to the investment and asset management competence of the entire Catella team.
“This disposal will allow the fund to reinvest in assets that better fulfil its long term investment criteria.”
To read the digital edition of the latest IPE Real Assets magazine click here.