A consortium of Deutsche Hypo, ING Real Estate Finance and pbb Deutsche Pfandbriefbank has provided €331 mln for the largest residential real estate deal closed in the Dutch market in the past 12 months.

A consortium of Deutsche Hypo, ING Real Estate Finance and pbb Deutsche Pfandbriefbank has provided €331 mln for the largest residential real estate deal closed in the Dutch market in the past 12 months.

The borrower is an institutional real estate fund managed by Germany's Patrizia Group, which finalised the €578 mln acquisition of the Vestia portfolio in two stages in December last year and over 2015.

Under the deal, Patrizia acquired 137 buildings comprising 5,500 housing units and 370,000 m2 of space as part of its strategy of becoming Europe’s leading real estate investment company.

Each lending partner has committed to finance one third of the amount.

Deutsche Hypo is acting as mandated lead arranger, agent and bookrunner; ING Real Estate Finance as mandated lead arranger; and pbb as co-arranger.

Andreas Pohl, speaker of the management board at Deutsche Hypo, commented: 'The Dutch residential market has proved to be extremely stable for a number of years now. Thanks to birth surplus and immigration, the prognosis for population growth stands out positively against those of other EU states. Accordingly, we expect to see sustained high demand for residential space in the Netherlands.'