NorthStar REIM (NorthStar) and Ares Management Corporation (Ares) announced a joint venture established by NorthStar and a fund managed by the Ares Real Estate Group had acquired a portfolio of six buildings for €62m. The properties comprise 434 units including complexes in Rotterdam, Zoetermeer, Dordrecht and Arnhem. The joint venture pursues a residential investment strategy focused on existing housing portfolios as well as new developments in major conurbations across the Netherlands.
The portfolio comprises six buildings, all centrally located with proximity to public transport hubs, that have been owned by Holland Immo Group since 2017 and were previously converted from office to residential use. The portfolio benefits from many strategic differentiators spanning affordability and sustainability, as all of the buildings hold an A or B energy label and fall within the regulated or affordable mid-segment of the market.
Jose Antonio Roodhof, Founding Partner NorthStar, said: “The fundamentals of the Dutch housing market are strong and we are proud to announce the first deal together with our strategic partner Ares. This portfolio fits perfectly within a strategy to invest in affordable and sustainable housing.”
“We are excited to partner with the NorthStar team on this new initiative to invest in an attractive rental residential opportunity with strong potential for development in the Dutch market,” said Wilson Lamont, Partner and Co-Head of European Real Estate in Ares Real Estate. "We look forward to identifying additional assets as we continue to pursue our strategy and support the portfolio into its next phase of growth.”
Mirian Broere, Head of Investment – and Asset Management Holland Immo Group said: “ We are delighted to confirm the successful sale of our portfolio to NorthStar and Ares. This transaction has not only provided consistent and stable returns to our valued fund investors but also highlights our ability to thrive in a demanding real estate market environment."
NorthStar and Ares Management were advised by Loyens & Loeff, Hielkema & Co, SGS and Huizemeyer Real Estate. Holland IMMO Group was advised by Loyens & Loeff and Cushman & Wakefield.
