CBRE Global Investors has acquired a residential portfolio comprising 916 rental properties across 23 locations in the Netherlands.
Financial details were not disclosed.
The vendor in the transaction was the Dutch pension fund, Pensioenfonds voor het Slagersbedrijf. CBRE GI made the purchase on behalf of its Dutch residential fund.
The houses and apartments are on average 15 years old, 80% have energy label A. and there are no houses with an energy label below C-level. With an average rent of €950 per month, the portfolio fits in well with the high demand for rental properties in the middle segment, CBRE GI said.
The sale by ‘Pensioenfonds voor het Slagersbedrijf’ is part of a strategic change from direct investment to indirect investment. Proceeds from the deal of the housing portfolio have been used to acquire holdings in the CBRE Dutch Residential Fund, the non-listed Dutch residential fund of CBRE Global Investors.
Paul Oremus, country manager CBRE Global Investors Netherlands said: ‘The portfolio includes high-quality and affordable homes that meet the current housing demand. The young and sustainable character of the portfolio ensures that the objects retain their value in the long term.
‘The choice of Pensioenfonds voor het Slagersbedrijf to select us as a buyer, but certainly also to select the CBRE Dutch Residential Fund for their investment, also underlines the quality and performance of our fund. We welcome the ‘Pensioenfonds voor het Slagersbedrijf’ as a shareholder and look forward to the long-term cooperation.’
