NorthStar REIM and Ares Management Corporation have acquired a portfolio of six residential buildings in the Netherlands for €62 mln.
The properties comprise 434 units including complexes in Rotterdam, Zoetermeer, Dordrecht and Arnhem.
They were acquired by a joint venture between the firms that pursues a residential investment strategy focused on existing housing portfolios, as well as new developments in major conurbations across the Netherlands.
The assets were acquired from Holland Immo Group, which purchased them as offices and converted them to residential use.
All of the buildings hold an A or B energy label and fall within the regulated or the affordable mid-segment of the market.
José Antonio Roodhof, founding partner NorthStar, said: 'The fundamentals of the Dutch housing market are strong and we are proud to announce the first deal together with our strategic partner Ares. This portfolio fits perfectly within a strategy to invest in affordable and sustainable housing.'
Wilson Lamont, partner and co-head of European real estate at Ares Real Estate, said: 'We are excited to partner with the NorthStar team on this new initiative to invest in an attractive rental residential opportunity with strong potential for development in the Dutch market.
'We look forward to identifying additional assets as we continue to pursue our strategy and support the portfolio into its next phase of growth.'
Mirian Broere, head of investment and asset management Holland Immo Group said: 'We are delighted to confirm the successful sale of our portfolio to NorthStar and Ares.
'This transaction has not only provided consistent and stable returns to our valued fund investors but also highlights our ability to thrive in a demanding real estate market environment.'
NorthStar and Ares Management were advised by Loyens & Loeff (legal counsel), Hielkema & Co (rental law), SGS (technical advice) and Huizemeyer Real Estate (Woningwaarderingsstelsel). Holland IMMO Group was advised by Loyens & Loeff and Cushman & Wakefield.
