Dutch residential property group RVG Real Estate has acquired a portfolio of 2,100 homes in Germany for EUR 125 mln. The investor and developer said the deal underlined its ambition to expand the company's portfolio beyond the Netherlands.
Dutch residential property group RVG Real Estate has acquired a portfolio of 2,100 homes in Germany for EUR 125 mln. The investor and developer said the deal underlined its ambition to expand the company's portfolio beyond the Netherlands.
RVG bought the portfolio from Munich-based open-ended fund iii Investments, a subsidiary of HypoVereinsbank, which is increasing focusing on the development of office space, business parks and retail.
The residential portfolio comprises several dozen small-scale apartment complexes in various popular districts in Berlin, Munich and Kiel. RVG plans to upgrade the apartments and their surroundings before offering them at a competitive market price to the sitting tenants. Occupants who don't want to buy their homes are guaranteed to be able to continue renting.
RVG director Faruk Kinran said: 'Germany is the strongest economy in Europe. Yet price increases in the residential market have been limited compared to the rest of Europe in recent years. The combination of these two factors make Germany an interesting market for us to invest in.'
