Amsterdam-based real estate investor and asset manager Orange Capital Partners has acquired two Dutch residential portfolios from private vendors for a total €58 mln, PropertyEU has learned. Singapore's GIC is backing the vehicle behind the deal, according to market sources.
The portfolios were purchased on behalf of Vivada Properties, an investment vehicle managed by Orange Capital in a joint venture with an international sovereign wealth fund rumoured to be Singapore's GIC. Orange Capital declined to comment on the reports.
For GIC, the transaction would be its first in the Dutch residential market. GIC's largest transaction in European real estate so far this year was the completion of the acquisition of P3 Logistic Parks for €2.4 bn. That deal was first announced in November 2016.
The housing portfolios in the latest transaction comprise 360 housing units in The Hague and 50 homes in Amsterdam's Amstelveen area, acquired for €48 mln and €10 mln respectively.
Under the terms of the deal, Orange Capital Partners is asset managing the properties. Company spokesman Victor van Bommel said the acquisitions were the first to be carried out on behalf of Vivada, which has set aside €100 mln for residential investment in the Netherlands' western urban agglomeration Randstad.
Orange Capital currently has over €500 mln of Dutch residential assets under management, of which 80% is located in Amsterdam. Besides Vivada, the firm manages a Dutch family fund and has a JV with US investment company Heitman.
