AXA IM - Real Assets has completed the acquisition of a 138-unit residential portfolio in the East of the Netherlands for €31.75m. The vendor is Almelose Woningstichting ‘Beter Wonen’.
Purpose-built for the rental market between 2003 and 2009, the almost fully occupied portfolio is split across three properties, totalling 16,282m², and comprises: 91 units in Hengelo, in a building that includes 2,123m² of commercial space; and two properties in Wierden, one with 24 units and the other with 23, and an additional 540m² of commercial premises. All of the assets benefit from good public transport links and are in well-established neighbourhoods.
This is the third residential acquisition in the Netherlands by AXA IM - Real Assets, on behalf of clients, following its entry into the market in 2016, as demand for modern private stock, off affordable rents, is forecast to increase, underpinned by robust economic and strong demographic drivers. The acquisition also adds to the more than €15bn of residential assets that AXA IM - Real Assets manages across 10 countries on behalf of clients.
