Garbe Institutional Capital has acquired a residential asset in an area of Rotterdam where demand is expected to outstrip the national average.
The 219-unit apartment block measuring 13,500 m2 is in the centre of Schiedam inside the Rotterdam ring road.
With projected population growth of over 20 % until 2050, housing demand in the area outstrips the national average of 11.5 %, according to Michiel Dubois, MD.
The Germany-headquartered company has made the acquisition for its European Residential Fund (Garbe EUResi).
Schiedam effectively forms part of the port of Rotterdam and has several large redevelopment schemes upgrading the area into a sought-after residential zone and centre for maritime offshore technology. It is also part of the Randstad area with a population of 8 mln making it one of the largest metropolitan conurbations in Europe.
GARBE EUResi is backed by institutional investors. Target markets are Germany, the Netherlands, France, Spain, and the UK, for a vehicle aiming to amas more than €800 mln GAV.
The price for the most recent transaction was not disclosed.
Osborne Clark, Deloitte, Cushman & Wakefield (technical and ESG aspects), and RESI advised.
