Primevest Capital Partners acquired their first student housing in Oostersingel/ Nieuweweg, in the Dutch city Groningen for a European residential real estate mandate. The building complex includes 275 studios on six levels, with a total of 6,427m². It benefits from close proximity to the city centre. The completion of construction is expected for September 2019. The vendor is Plegt-Vos-Bouwgroep. The purchase price was not disclosed.
There are 200,000 inhabitants in Groningen, with about 50,000 students; of which 9,000 are from abroad – mainly from Germany. The huge demand for student living in Groningen can currently not be met by the number of apartments or rooms available for rent.
During the acquisition process, the seller was supported by Huizingh Advocaten of Enschede and MWPO, the buyer was assisted by CMS and BOAG. The Asset and Fund Manager Primevest Capital Partners currently has €1.4bn in assets in-vested in Europe and intends to further extend their activities in the residential sector.