German investor Patrizia has acquired a residential complex in the northern Dutch university city of Groningen in an off-market, forward-funding deal from developer Borghese Real Estate.
The 13,159 m2 scheme, known as The Yard, comprises 160 apartments in the mid-range affordable rental segment, ranging in size between 50 m2 and 115 m2.
The complex is located in the Reitdiepzone, a new residential district emerging to the northwest of the city centre near Groningen University’s Zernike campus. It is scheduled for completion at end-2023.
Rudo Mulder of Patrizia’s transactions team, said: ‘Groningen continues to attract new residents thanks to its highly respected university, rich cultural life and historical landmarks, and The Yard meets the growing demand for spacious, green, high-quality housing from a broad and varied group.’
He added: ‘The city faces a serious housing shortage and we are confident we will have no trouble leasing out this unique development that boasts the highest possible green credentials and is located so close to the city centre.’
Patrizia was advised on the deal by BNP Paribas Real Estate (commercial), DLA Piper (legal), Loyens & Loeff (tax) and CBRE (technical & ESG). Borghese was advised by CMS (legal).