Catella Investment Management Benelux (CIMB) has acquired Nieuw Park Leeuwensteijn, an existing apartment complex in Voorburg, a suburb of The Hague, for €35m for the Catella European Residential Fund III (CER III). The property is located on the Johan David Zocherstraat and comprises 84 apartments in four residential towers. The surrounding neighbourhood is characterised by spaciously laid-out and highly sought-after 1930’s and 1950’s-style properties. Towers I and II consist of 28 rental apartments and 32 parking bays, plus 28 owner-occupied apartments and parking spaces. Towers III and IV consist of 56 rental apartments and 57 rental parking places. The units are relatively spacious, ranging in size from 94 to 150m², with two to four bedrooms each. All the apartments are orientated to the sunny side and have large outdoor spaces.
The complex was built in 2005 and is very well connected to public transport with an underground tram stop on its doorstep. Parks, sports facilities and convenience amenities are also just a five-minute walk away while “The Mall of the Netherlands” is a five-minute drive by car. Most of the apartments already have a high energy rating, but Catella IM Benelux aims to improve the assets’ sustainability credentials further in future as a contribution to its ESG goals.
Jac Huijsmans, Senior Acquisition Manager at Catella IM Benelux, said: “The residential market in the Netherlands and the Haaglanden region suffers from a severe lack of residential homes and faces strong demand for quality accommodation. Long-term investors, such as Catella, help alleviate these problems by financing and acquiring properties like this standing investment in Voorburg, which will offer modern, comfortable homes to a wide range of tenants. Located just outside The Hague and close to the motorway, this property offers competitively priced accommodation, especially compared to the more expensive rental apartments common in larger, nearby cities.”
