DWS, formerly Deutsche Bank Asset Management, has acquired a portfolio of residential properties across the Netherlands for over €265 mln.
DWS, which made the purchase on behalf of several funds including a newly-launched European core fund, said that the portfolio includes well-maintained assets in the Randstad conglomeration as well as in the Limburg, Noord-Brabant and Overijssel regions of the Netherlands.
The portfolio has an occupancy rate of almost 100%. It includes the Nellenstein asset in Amsterdam, De Brink in The Hague, Hoogvorderen in Roermond and Boschpoort in Oss.
The transaction is the first investment for the institutional pan-European, core real estate fund, which held its first close in September last year with €568 mln of equity commitments.
Focused on income and capital growth, the fund invests in core locations in larger European economies, but also in various sectors, including offices, stores and logistics.
'In the Netherlands, few affordable homes are being built, which is why we expect demand among tenants for this type of accommodation to remain high and occupancy rate high,' said Georg Allendorf, European head of real estate at DWS.