Dutch residential property investor Bouwinvest is acquiring 572 homes in Amsterdam and The Hague/Rotterdam area for a total investment of about €150 mln.
Dutch residential property investor Bouwinvest is acquiring 572 homes in Amsterdam and The Hague/Rotterdam area for a total investment of about €150 mln.
Announcing the deal at the Provada real estate fair in Amsterdam on Tuesday, the fund manager said the properties – ranging from apartment and housing developments to conversions - are almost all in the liberalised portion of the rental sector.
The investments by Bouwinvest’s Dutch Residential Fund are being made at a time when the Dutch residential market shows strong signs of bottoming out after five years of price falls.
Allard van Spaandonk, Bouwinvest’s director for the Netherlands, said: ’Residential is the most attractive real estate investment asset class in the Netherlands right now as the market has reached a key turning point and we expect steady increases in both prices and rents over the next few years.’
He added: ’This very positive investment outlook is combined with the government’s recent changes in legislation, which are extending the scope of the liberalised rental sector and successively rebalancing the contours of the Dutch residential market to create a more level playing field between investors and domestic housing corporations for the first time.’
The assets being acquired by Bouwinvest include: Stadionplein in Amsterdam (100 units) Zuidas in Amsterdam (75 units), Overhoeks Amsterdam (108), Oostduinlaan in The Hague (154 units) and Keizershof in Rotterdam-Pijnacker (135 units).
Bouwinvest Real Estate Investment Management manages real estate portfolios for institutional investors. The firm currently manages three Dutch sector funds as well as a mandate for the Dutch construction workers’ pension fund. Total assets under management are €6.1 bn.