Chicago-based investment management firm Heitman has acquired two portfolios of rented property in Amsterdam for €76 mln.
Chicago-based investment management firm Heitman has acquired two portfolios of rented property in Amsterdam for €76 mln.
The porfolios comprise 400 homes and 12 retail units across 24 buildings in the centre of the Dutch capital, with a total area of 28,400 m2.
Heitman, acting on behalf of an institutional client, formed a joint venture with Orange Capital Partners (OCP) to acquire the assets. OCP was established by former Goldman Sachs employees to target investments in the Dutch residential sector.
The transaction marks the first incursion into the Netherlands’ residential market for Heitman, which manages €3.6 bn of residential assets across 16 European countries.
Silverfern Real Estate Partners, an arm of New-York based investment firm The Silverfern Group, was a co-investor in the transaction.
Heitman said it expected the Dutch residential market to benefit from cyclical turnaround potential, constructive structural reform and favourable supply-demand fundamentals.
Rob Reiskin, managing director and co-head of Europe, said: ‘We have extensive experience in operationally-intensive sectors across Europe and this investment is a logical continuation of our existing European rented residential platform.’
Heitman is a global real estate investment management firm headquartered in Chicago with more than €24 bn in assets.
