Residential portfolio repositioned to focus on major Dutch cities

• Portfolio of 18 residential properties in 12 Dutch municipalities
• Total portfolio consists of 772 residential units and six commercial units

PATRIZIA AG, the global partner for pan-European real estate investment, has sold a portfolio of 18 residential complexes on behalf of a client to Heimstaden AB, the Swedish listed real estate investment company. The agreed sales price is EUR 97.4m.

The portfolio comprises 772 residential units, including 678 multi-family homes and 94 single-family homes, totalling c. 53,400 sqm of rental space together with c. 500 sqm of commercial space across six units. The assets are located in 12 different Dutch municipalities: Apeldoorn, Arnhem, Bemmel Deventer, Didam, Dongen, Elst, Hoogeveen, Kampen, Rijssen, Tiel, and Wijchen.

Since PATRIZIA acquired the portfolio in 2014 they have optimized the performance of the properties by active asset management to deliver increased value to its investors.

This transaction follows the sale of a portfolio of nine residential properties located in eight different Dutch municipalities, including Dordrecht, Woerden, Beverwijk, Hoorn, Apeldoorn, Beuningen, Ede and Harderwijk on behalf of a client to Woonhave, the Dutch rental property investment fund in May 2019.

Emile Poort, Head of Transactions BENELUX at PATRIZIA, commented: “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.”

Bas Wilberts, Head of Alternative Investment at Savills in the Netherlands, says: “The residential property market is becoming increasingly international. Traditionally, the market is dominated by pension funds and private investors while cross border investment account for around 30% of the total investment volume. As a result of large portfolio transactions, such as the Round Hill portfolio and this sale, the share rises to new record highs and becomes comparable to, for example, the logistics market where the share of foreign capital is above 80%. This transaction highlights the global investors’ interest in the Dutch residential property market.”

PATRIZIA was advised by Savills (commercial and technical), Loyens & Loeff (legal), SGS Search (environmental). Immo Finance (commercial and financial) and Loyens & Loeff (legal) acted on behalf of Heimstaden.