Invesco's Living Fund acquires Dutch asset

Invesco Real Estate has acquired a 172-apartment residential asset in the Dutch city of Zaandam within a forward deal structure due to complete at the end of 2025.

The project has been acquired on behalf of Invesco Real Estate’s European Living Fund, it said in a statemnet, though it has not revealed the value of the agreement.

Zaandam is located at the northern border of Amsterdam, on the river Zaan.

The seller and project developer is a JV between local firms, Porten Development and Ten Brinke.

Stefan Struller, associate director of Investments, said Amsterdam like many capital cities was hindered by a huge housing shortage, which represents attractive opportunities for developers and investors.

Michael Berchtold, director of fund management, said the same went for many European countries.

'European countries continue to suffer from an undersupply of housing relative to household formation. Recent increases in mortgage rates will keep many would-be buyers in rental accommodation, while developers are also under financial pressure, reducing supply. As a result, residential is a sector with consistent demand, which drives robust occupancy and stable cash flows.'

It has taken seven years to reach the development stage of the property.

Invesco was advised by CMS, Drees & Sommer, Ernst & Young and Trust Realty Partners. Ten Brinke and Porten Development were advised by the law firm, Lexence.


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