Catella IM Benelux (CIMB) has acquired three fully-leased converted Edelwonen housing developments in the Dutch towns of Nieuwegein, Dordrecht and Rijswijk, on behalf of the Catella Dutch Residential Fund ll, for a total of €52m. The vendor is Bouwhuis Group. The purchases are in line with Catella’s strategy to expand its presence in sub-segments of the residential market including housing for young professionals, starters and (international) students to support growing demand.
The property in Nieuwegein is a former office building located on Marconibaan 5-55 in the Plettenburg district and was acquired for approximately €24m. It consists of two buildings which will be converted into 141 apartments comprising a total surface area of 7,365m², 181 parking spaces and 53 storage units. Nieuwegein is located near Utrecht, one of the fastest-growing university cities in the Netherlands and about 35km to the south of Amsterdam. The final delivery date of the converted residential project is planned for the second half of 2020. The asset is located close to basic amenities, such as a supermarket and convenience shopping centre and is easily accessible via the public transportation system. Thanks to these amenities, the size of the apartments and their central location, this project is expected to appeal to young professionals, starters and (international) students. The larger units are more suitable for couples and single parents, mainly in the under-30 age group.
The Benelux team has also acquired property of around 2,500m² on the Johan de Wittstraat in Dordrecht for c. €6m. The asset is easily accessible by car and public transport and has a mix of functions besides the residential element, including offices, retail and F&B. It is located in the 19th-century district near the old centre of Dordrecht, a town of 119,000 inhabitants to the south of Rotterdam. The building, dating from 1997, has been converted into a mixed-use scheme comprising 19 high-quality apartments, with the highest possible energy efficiency label, over a total surface area of 1,585m², as well as an office and 12 parking spaces. The office space is divided over two levels, with the ground floor let on a 10-year lease and the first floor on a five-year lease to ING. The project is already completed and fully let.
The third asset in Rijswijk has been acquired for approximately €22m. The property, located on the Doktor H. Colijnlaan, will be converted into a residential complex with 128 apartments over a total area of 5,556m² including 128 parking spaces and 36 storage units. Schools and a shopping centre are located close by and there is good access to public transport, car and bike. The apartments will be spread over eight floors and include 111 two-room apartments as well as 17 studios. A portion of the studios and apartments will be offered as rent-controlled social housing units with the remainder targeting young professionals and starters in the mid-range rental segment.
Voas Brouns, Managing Director, Catella IM Benelux, said: “Huge demand exists across the Netherlands for high-quality, affordable housing for young professionals, starters and students in the private rental sector, but supply is very scarce. Catella IM Benelux is stepping up its investments in these niche segments to help alleviate the accommodation shortage. All three properties are located in towns with favourable demographics and good connectivity and will add residential units of high quality in Nieuwegein, Dordrecht and Rijswijk.”