Global investment manager Round Hill Capital has beaten off a large number of rival contenders to acquire a residential property portfolio in the Netherlands for €365 mln.
Global investment manager Round Hill Capital has beaten off a large number of rival contenders to acquire a residential property portfolio in the Netherlands for €365 mln.
The vendor of the 3,786-unit portfolio is Dutch housing association WIF.
The transaction marks Round Hill’s second acquisition in the Dutch residential property market, following the firm’s June 2014 purchase of a residential portfolio of 1,534 units from funds managed by CBRE Global Investors for €180 mln.
WIF, located in the city of Zeist, was founded in 2005 to acquire homes from the country's ailing public housing associations and sell them on at a later stage. However, Dutch housing associations now have several alternatives due to changes in legislation and regulations since WIF was founded.
The WIF portfolio comprises 326,000 m2 of lettable area and is situated across the Netherlands.
In addition to its existing Dutch residential management business, Round Hill is also active in the German market.
PropertyEU understands that a large number of parties were interested in the WIF portfolio, and that Round Hill was the highest bidder. The agreement was concluded on Friday and is subject to regulatory approval. The transfer of title is expected to occur in mid-March 2015.
Commenting on the acquisition, Michael Bickford, founder and CEO of Round Hill Capital, said: 'With over eight years of successfully investing in and managing European residential property, we will use our established track record and experience, as well as our local Dutch knowledge and operations to manage our portfolio and ensure that WIF’s tenants benefit from our focus on long-term ownership and expertise in the residential market.'
'This represents Round Hill’s second acquisition in the Dutch residential market as we continue to deliver on our strategy of expanding our residential platform across Europe. We continue to believe that the housing market in the Netherlands represents an attractive investment opportunity due the positive fundamental backdrop in the Dutch market, together with the stable cash flow of this asset class and our established residential management capabilities.'
Capital Value advised on the transaction.
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