Bouwfonds Investment Management's European residential fund has acquired five residential complexes in the Netherlands.
Bouwfonds Investment Management's European residential fund has acquired five residential complexes in the Netherlands.
The total transaction value was almost €31 mln, reflecting a gross initial yield of 6,3%.
The transaction consists of 199 apartments and 80 parking spaces in the cities of Groningen, Tilburg, Papendrecht, Woerden and The Hague.
The acquisition is the sixth for the Bouwfonds vehicle. The vendor was CBRE Global Investors, acting on behalf of DRES Master Fund ll CV.
The sale was in line with CBRE Global Investor’s strategy to refresh the portfolio on a yearly basis.
The seller was represented by Van Dijk & Ten Cate. Colliers International acted on behalf of Bouwfonds European Residential Fund. CMS Derks Star Busmann furnished the fund with legal advice.
Bouwfonds European Residential Fund invests in residential real estate in France, Germany, the Benelux and the Scandinavian countries on behalf of its German, Austrian, Swiss and Luxembourg-registered institutional investors.
Currently, the fund’s invested capital amounts to €750 mln. In 2014, it plans to increase this to about €1 bn. A large share of the expansion is expected to occur in the Netherlands. Colliers International has been instructed by the fund to handle the acquisition of Dutch properties.
