Patrizia purchases residential tower in Rotterdam for €29.5m

German investor Patrizia has expanded its portfolio in the Netherlands with the acquisition of a 19-storey residential tower in Rotterdam for €29.5 mln.

Located in the centre of the port city at Hennekijnstraat 94-254, the B-Tower comprises 78 apartments over 6,000 m2 and is fully let to Urban Residences until 2035. The property was acquired from two local vendors. Patrizia said the acquisition was an attractive addition to its Dutch portfolio.

'Rotterdam is one of the most important cities in the Netherlands. The fundamentals are attractive; luxury apartments, an excellent location and a long-term lease. This will enable us to deliver excellent returns in the long term,' said Alexander van Gastel of Patrizia's Dutch transaction team.

The buyer was advised by CityState and law firm Van Doorne. The vendors, including Verenigd Beheer, were assisted by Compact Real Estate Services and Dentons, and Fris Bedrijfsmakelaars and DLA Piper.

Separately, Munich-based investment manager Catella Real Estate said it has added a new residential project in Rotterdam to the portfolio of the Sarasin Sustainable Properties - European Cities (SSP) fund, a product set up in cooperation with Bank J. Safra Sarasin.

The seven-storey Asterlo tower comprises 51 apartments and is located in the heart of Zuidwijk, a suburb in the south of the Dutch port city, close to the Feijenoord soccer stadium. 

The property comprises a total lettable area of 6,700 m2, including a 2,500 m2 retail area on the ground floor.

Henrik Fillibeck, managing director at Catella Real Estate, said: 'This new addition to the SSP fund ticks all the boxes in terms of its green credentials and complements our existing presence in the Benelux region.

'Following the completion of this development and our first acquisition in Luxembourg at the end of 2019, the fund’s assets under management have exceeded the €500 mln mark.'

Catella Real Estate purchased the land plot in July 2018 and the Asterlo development was acquired in a forward-funding transaction from Ten Brinke, a Dutch development group. Financial details were not disclosed. The completed project was officially delivered on 1 May 2020.

Catella Investment Management Benelux will take over the asset management of the property. CIMB is part of the Catella group and is based in Maastricht.

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