Maastricht-based Catella IM Benelux (CIMB) has acquired three fully-leased housing developments in the Dutch towns of Nieuwegein, Dordrecht and Rijswijk, on behalf of the Catella Dutch Residential Fund ll, for a total of €52 mln from developer Bouwhuis Group.
The purchases are in line with Catella’s strategy to expand its presence in sub-segments of the residential market including housing for young professionals, starters and (international) students to support growing demand.
‘Huge demand exists across the Netherlands for high-quality, affordable housing for young professionals, starters and students in the private rental sector, but supply is very scarce,’ said Voas Brouns, managing director, Catella IM Benelux. ‘Catella IM Benelux is stepping up its investments in these niche segments to help alleviate the accommodation shortage. All three properties are located in towns with favourable demographics and good connectivity and will add residential units of high quality in Nieuwegein, Dordrecht and Rijswijk.’
The property in Nieuwegein is a former office building located on Marconibaan 5-55 in the Plettenburg district and was acquired for €24 mln. It consists of two buildings which will be converted into 141 apartments comprising a total surface area of 7,365 m2, 181 parking spaces and 53 storage units. The final delivery date of the converted residential project is planned for the second half of 2020.
The Benelux team has also acquired, on behalf of the Catella Dutch Residential Fund ll, a property of around 2,500 m2 on the Johan de Wittstraat in Dordrecht for approximately
€6 mln. The third asset in Rijswijk has been acquired for €22 mln. The property, located on the Doktor H. Colijnlaan, will be converted into a residential complex with 128 apartments over a total area of 5,556 m2 including 128 parking spaces and 36 storage units. Schools and a shopping centre are located close by and there is good access by public transport, car and bike.
Law firm CMS conducted the legal and tax due diligence for all three properties.