DWS, acting on behalf of institutional funds managed by its European real estate business including institutional open-ended Pan European core real estate fund, has acquired 12 residential properties across the Netherlands for €265.6m. Concentrated over four provinces, including Randstad, Limburg, North-Brabant and Overijssel, the portfolio exhibits a history of almost 100% occupancy. Comprising residential assets in central locations, the well-maintained portfolio is conveniently located with good access to public transportation and local amenities.
This transaction marks the first investment for DWS’s institutional open-ended Pan European, core real estate fund that achieved initial closing in September 2017 with equity commitments totalling €568m. Focused on income and capital growth, the fund aims to invest across core locations in larger European economies as well as in diverse sectors, including office, retail and logistics.
“With limited new developments offering affordable housing in the Netherlands, we expect tenant demand and occupancy to remain strong across the portfolio,” said Georg Allendorf, Head of Real Estate, Europe at DWS. He added: “Collaboration across our platform has enabled our investors to access this sizable investment with new market exposure offering stable, long-term income.”
Jessica Hardman, Head of the Real Estate, UK at DWS said: “As the first investment by our recently launched European open-ended fund, the acquisition fits well with the strategic investment themes driving our approach in building the Fund portfolio.”
