PATRIZIA purchases Dutch residential portfolio for €578 million


     



PATRIZIA has signed a purchase agreement for the acquisition of a portfolio of approximately 5,500 residential units in the Netherlands. The seller is the Dutch housing association Vestia. The purchase price is €578 million. PATRIZIA is acquiring the portfolio for its co-investment “WohnModul I”, in which a very notable pension fund from Germany is participating. The purchase agreement is still subject to the approval of various bodies on the seller side.

“We expect the sale to be approved by all bodies and the transaction to be closed on schedule at the end of the financial year,” says Klaus Schmitt, COO and Managing Board member of PATRIZIA Immobilien AG.

PATRIZIA thus remains consistently on track to becoming Europe’s leading real estate investment company. “For some time now, our institutional investors have had such confidence in us that they are investing with us outside their familiar national borders,” emphasises Klaus Schmitt. “We have created the requisite conditions for this with our many years of experience and our European network of subsidiaries.”

The co-investment strategy is based on portfolio maintenance. Demographic change in particular is in favour of the portfolio’s value stability: population growth is expected in all regions of the Netherlands up to 2025. In conjunction with the continuing fall in the average household size, this is resulting in a significant demand for housing.

The broadly diversified housing portfolio covers a total of 340,000 m² of residential space. The vacancy rate is 3%. Approximately 70% of the homes are still subject to rent control.

“This sale is the biggest transaction that the Dutch market has ever seen in the housing sector,” says Arjan Schakenbos, Chairman of the Executive Board at Vestia. “We are delighted to have found a renowned partner in PATRIZIA that will remain invested in the acquired properties in the long term and will also take on our current employees who have been looking after the property management of these properties.”

26/07/2014

Tags : PATRIZIA

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