Heitman has sold a two-building, 196 residential unit portfolio located in Amsterdam. Heitman managed the asset, on behalf of an affiliate of the firm, to Catella Investment Management Benelux (CIMB) and Catella Residential Investment Management (CRIM) for an undisclosed price.
The company has initially acquired the residential complex off-market approximately two years ago and has stabilized the assets, achieving full-occupancy, and implemented value-creation strategies well ahead of the portfolio’s business plan. The portfolio is located in the New West neighbourhood of Amsterdam. The buildings are fully let in an area experiencing strong growth, evidenced by the increasing presence of residential housing, shopping, leisure, and educational facilities, which contribute to its attractiveness to families and young professionals.
“During the past several years, we have focused extensively on investing in the Living Sectors across Europe. Our strong market knowledge and deep history investing in Amsterdam real estate allowed for us to implement our business plan ahead of schedule and deliver an attractive outcome for our investors,” said Tony Smedley, Heitman Head of European Private Equity. “As a result of favourable capital market conditions, we came to a decision that accelerating the disposition of these fully-let, well-located assets was in our best interest as we continue to grow our portfolio of pan-European real estate assets.”