European Residential REIT, Capreit snap up €63m Dutch resi package

A joint venture of European Residential REIT (Eres) in joint venture with its main shareholder, Toronto-listed residential specialist Capreit has acquired a residential portfolio encompassing 16 buildings across the Netherlands for €63 mln.

Syntrus Achmea Real Estate & Finance acted on behalf of the vendor, Stichting BPL Pensioen, on the deal.

The portfolio includes a total of 315 apartments across several cities including Drachten, Druten, Eibergen, Oegstgeest and Venray.
 
The sale of the properties is in line with BPL Pensioen's strategy to continue to improve the quality of its property portfolio. 'We want to achieve a sustainable return for our participants,' said Henk Onstwedder from BPL Pensioen. 'This means that the portfolio is being refreshed and homes are being sold that are less suited to the portfolio. We will invest the proceeds from this in new homes that contribute more to our objectives.'
 
'We are delighted that we were once again able to realize a successful transaction with BPL Pensioen,' added Philip Burns, CEO of Eres. 'The acquisition of this portfolio shows that we are able to find attractive acquisition opportunities and to increase our presence on the Dutch market. Our residential portfolio in the Netherlands now comprises more than 5000 units.'

Capital Value supervised the sale on behalf of the pension fund.

The deal comes hard on the heels of Capreit's acquisition last month of a portfolio of 18 Dutch rental properties from local player Vesteda for €163.8 mln.

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