Xior Student Housing has acquired a redevelopment project in Groningen consisting of at least 225 residential units, offices and 180 parking spaces. This transaction has an anticipated investment value of approximately €46m and is expected to have an initial yield of approximately 6.2%. The completion and commissioning are planned for Q4 2020, as the result of which a fully renovated complex will be added to Xior's portfolio in one of the largest student cities in the Netherlands.
The building – also known as the 'Black Box' – will be redeveloped into a multifunctional complex consisting of at least 225 independent units, offices and 180 parking spaces. Located at Eendrachtskade 2, it benefits close proximity to the centre of Groningen and various universities and colleges.
Christian Teunissen, CEO of Xior, commented: "With this project we are adding a second residence in Groningen, thereby gaining a firmer foothold in the heart of the fourth largest student city in the Netherlands – one which is characterised by an acute shortage of student housing. This project fits in perfectly with our growth strategy to further expand our portfolio of quality housing in the most prominent student cities in all four of our home markets."