Munich-based investment manager Catella Real Estate says it has exceeded its target of placing equity of €155 mln for its open-ended special AIF Panta Rhei Dutch Residential.
Six institutional and professional investors have provided equity amounting to €155 mln, taking the fund’s investment potential to some €260 mln.
'The positive price trends for residential real estate in the Netherland continue. Prices rose 2.7% in the second quarter, and thus only 7% below the record prices of 2008 and 14% above the price levels of 2013. Also the current housing shortage in Dutch metropolitan areas is expected to persist. The number of new residential units is stagnating and the volume of planning permissions is on the decline. This makes the market very attractive for institutional investors,' commented Dr Thomas Beyerle (pictured), head of group research at Catella.
To date, €79.3 mln has been invested in seven properties in Eindhoven, Nijmegen, Rijswijk, Utrecht-Nieuwegein, Rotterdam and Leidschendam, with a lease rate of almost 98%. Real estate will be acquired for another €20 mln before year-end.
'The positive performance of the existing portfolio of our Dutch residential fund continues. Even though acquisitions are increasingly difficult and require extensive due diligence, properties worth more than €20 mln are to be purchased before the year-end,' said Henrik Fillibeck, managing director at Catella Real Estate.
'The long-term expectations for the Dutch housing market are extremely encouraging. With value appreciation of more than 4% compared with the previous year, the recent recovery is very strong indeed,' concluded Voäs Brouns, managing partner at Panta Rhei Advisory.
