Toronto-listed residential specialist Canadian Apartment Properties REIT (Capreit) has acquired a portfolio of 18 Dutch rental properties from local player Vesteda for €163.8 mln.
The assets include a total of 942 residential units spread across seven Dutch urban locations, with the portfolio reported as 98% let. The deal was financed by Capreit's Euro acquisition and operating facility.
'We continue building scale in the robust Netherlands multi-residential market,' said Mark Kenney, Capreit’s president and CEO.
'The Netherlands' residential rental market remains highly fragmented, with strong demand for rental accommodation driven by an acute housing shortage, high population growth, and strong macro-economic fundamentals,' Kenney added. 'Consistent with our previous growth strategy for European Residential Real Estate Investment Trust (ERES), Capreit intends to make this portfolio available to ERES to execute on its growth plans when ERES is in a position to acquire it.'
According to the buyer, approximately 91% of the properties have been constructed since 1970.
Capreit, one of Canada's largest residential landlords, currently manages 61,189 residential units across Canada, the Netherlands and Ireland.
Rubens Capital Partners advised Capreit, while CBRE advised Vesteda.