German property company Patrizia Immobilien has finalised the acquisition of the Vestia residential portfolio in the Netherlands - first announced in July this year - for €448 mln.

German property company Patrizia Immobilien has finalised the acquisition of the Vestia residential portfolio in the Netherlands - first announced in July this year - for €448 mln.

Patrizia will acquire 4,157 housing units – the bulk of the portfolio - in an initial tranche with a further tranche to follow in the course of 2015. The deal has been formally approved by the Dutch government.

The agreed price is lower than the €578 mln announced in July this year which covered 5,500 residential units.

The deal is part of Patrizia's strategy of becoming Europe’s leading real estate investment company. The Augsburg-based company, which manages around €13 bn of assets in Europe, recently emerged as the fastest-growing real estate investment manager in PropertyEU's 2013 ranking of Top 100 Investors in Europe.

Vestia was advised on the deal by Capital Value and legal firm Houthoff Buruma.