Swedish listed real estate investment firm Heimstaden has acquired a portfolio of 18 Dutch residential complexes from Patrizia for €97.4m.

Announcing the deal, Patrizia said it sold the portfolio of 772 residential unit, located in 12 different Dutch municipalities, on behalf of a client.

Patrizia said it acquired the portfolio in 2014 and has ”optimised the performance” of the properties by active asset management to deliver increased value to its investors.

Emile Poort, head of transactions Benelux at Patrizia, said: “This transaction fits into our ongoing strategy in the Netherlands to reposition our portfolio to focus on the most attractive Dutch cities.

“The current strength of the residential market made this the optimum time to sell these assets and crystallise the value we have created through our active asset management programme while de-risking our residential portfolio and continuing to maximise returns for our investors.”