Patrizia AG has acquired CityTwin, a newly built residential building in Breda, the Netherlands on behalf of its institutional clients. Seller is HIG Invest Group. The 5,300m² development offers 123 units across two buildings at affordable rents of between €600 and €1,000 pcm and was almost fully pre-let before completion due to strong occupier interest. CityTwin has been built to a high standard of sustainability with solar panels and an electric car share provision included in the designs. The purchase price was not disclosed.
Rudo Mulder of the Patrizia Netherlands transaction team, commented: “CityTwin presented a compelling opportunity to acquire a residential asset that has sustainability at its core, while providing high quality, affordable accommodation for young professionals. This aligns with the local market demands in Breda, as well as our long-term investment approach to the residential market in locations, such as Breda, where the underlying fundamentals are strong.”