German asset manager DWS has expanded its presence in the Dutch residential market with the acquisition of 369 apartments in The Hague for circa €71 mln.
This latest acquisition is spread over a total of 311 blocks with floor areas between 30 m2 and 120 m2. Some of the buildings benefit from commercial units on the ground floor, and the portfolio has a total rental area of around 25,200 m2.
More than a quarter of the apartments, which were built between 1870 and 1990, already have a green rating with regard to environmental aspects. Some of the other apartments will be modernized in the coming years, for example by replacing the glazing, insulation and installing new heating systems, in order to improve their environmental credentials.
The fully let portfolio was bought for one of DWS’ German retail real estate funds.
‘This investment continues our strategic focus and commitment to Dutch residential properties. The residential market in the entire Randstad region, including The Hague, has developed extremely positively in recent years. The area has seen high demand resulting from strong household growth, which could not be met due to persistently low development volumes. While completion volumes have recently recorded a slight increase, demand remains significant,’ said Martin Weikamp, head of Transactions Northern Europe at DWS. ‘Residential will remain a key strategy for DWS,’ he added.
