Woonhave spends over €100m on Dutch resi portfolio

Woonhave acquires Dutch resi portfolio for €100m

Catella Residential Investment Management (CRIM) has sold a Dutch housing portfolio to Woonhave for over €100m on behalf of the Catella European Residential Fund (CER). The portfolio comprises 355 apartments covering around 30,025m² of lettable space, as well as parking facilities and commercial units, in six properties in total including two in The Hague and one each in Leiden, Rotterdam, Tilburg and Woerden. The average occupancy rate was 97.6% at the end of October.


Xavier Jongen, Managing Director CRIM, said: “This disposal is in line with CER’s active approach to capital recycling, where all the assets in the portfolio are assessed against the fund’s core investment criteria. Quality residential assets are in strong demand and these properties were sold at a price well above book value, thus generating a profit for the fund. Since the fund’s launch, it has achieved annual total returns of 8.6% for investors.”


Maurits Olde Meule, Managing Director CIMB, added: “In the Netherlands, we advise on some €350m assets for CER alone and the fund’s high occupancy rates of more than 97% are a testament to the investment and asset management competence of the entire Catella team. This disposal will allow the fund to reinvest in assets that better fulfil its long term investment criteria.”


Constructed in 1991, the Rotterdam residential complex is located on the Lodewijk Pincoffsweg and provides 89 apartments over eight storeys with a total lettable area of approximately 7,500m² as well as 300m² of commercial space and 22 parking spaces. The commercial area is leased to a day-care organisation.


The bigger of the two properties located in The Hague is an eight-story residential complex at Til Brugmanplantsoen dating from 1996 which includes 59 residential units over a total lettable area of approximately 5,000m², as well as 49 parking spaces. The second property in The Hague is located on the corner of Javastraat and Mallemolen, was built in 1983 and consists of 33 apartments and 14 parking spaces.


The 99-unit complex in Leiden is located on the Zuster Meijboomstraat and was built between 1989 and 1991. It consists of three free-standing, nine-storey buildings, each with 33 apartments. The property in Tilburg is located on the Henriette Ronnerstraat, was constructed in 1994 and consists of 42 three-room apartments.


Finally, the 11-storey property in Woerden comprises 33 apartments, each with its own parking space, and a roof garden. It is located on the Nova Zemblakade and was constructed in 1996.


Jasper Leydes, Head of Acquisitions at Woonhave, commented: “The Catella portfolio is fully concentrated in the Holland Metropole region in the west of the country and, as such, is a solid addition to our growing portfolio. Woonhave is well positioned to optimise the rent potential in the portfolio and prepare these well-located assets for long- term ownership thanks to our in-house, hands-on property management, especially against a background of sustained and strong tenant demand. We are very familiar with these markets and were able to make a swift commitment which Catella appreciated. We now look forward to operating these great multi-family complexes.” 

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