LaSalle IM buys PRS portfolio as part of Dutch expansion strategy

LaSalle Investment Management has acquired a substantial private rented sector (PRS) portfolio comprising 460 units in two Dutch cities for approximately €70 mln on behalf of a separate account client.

The asset manager said it has identified the Netherlands 'as a key growth country' where it plans to make 'substantial investments'.

'Given the country’s position in the cycle, our recent investments in the Netherlands have been largely contra cyclical plays. This latest acquisition reinforces our early mover advantage and signals our intent to make substantial investments in what we perceive to be a recovering market,' commented Andy Watson, CIO Continental Europe, LaSalle Investment Management.

LaSalle is focusing on existing assets across the commercial property sectors in major Dutch cities such as Amsterdam, Rotterdam and The Hague. It also aims to capture further PRS opportunities, as well as deploy capital for debt investments.

The acquired assets consist of a mix of regulated and unregulated apartments with accompanying car parking spread across four new high-quality buildings in Breda and Tilburg. All the assets are centrally located and well-connected to public transport., the company said.

LaSalle said it has two further investments in advanced due diligence which will, if completed, take total assets under management in the Netherlands to around €430 mln.

The acquisition follows LaSalle's recent appointment of Diederik Bakker as national director for the Amsterdam office and head of asset management across the Benelux region. Bakker joins LaSalle from UBS Global Real Estate where he worked for seven years as head of Asset Management Benelux.

During this time, he helped establish a pan-European residential fund and was involved with a multitude of acquisitions, dispositions and asset management projects. Prior to UBS Global Real Estate, he worked at Bouwfonds Investment Management for seven years in a variety of functions including asset management, research and strategy, as well as a period in the corporate finance department of Bouwfonds Holding.


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