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Patrizia buys Dutch resi portfolio for €152.5m

The Randstad deal’s broker hails deal as the biggest in the asset class for 18 months.   

Augsburg-based real estate investment management firm Patrizia Immobilien has acquired a large residential portfolio in the Netherlands for €152.5 million, the largest of its kind in the Dutch market for 18 months.

The portfolio, sold by Holland Immo Groupon behalf of a number of its funds, includes 1,275 residential units at 23 locations, mainly situated in The Randstad, cities including Amsterdam, Zwolle, Dordrecht and Den Bosch. In addition to the residential units, there are four commercial premises and over 500 parking spaces.

“Transactions like these are quite special because of the limited offer of existing property portfolios in the Netherlands,” said Alexander Buijs, director CBRE Capital Markets,which advised on the deal. “This is the biggest residential portfolio transaction over the past 1.5 years and demand from Dutch and international investors for large property portfolios continues to remain strong.” 

Manfred Kühl, of Holland Immo Group, said: “This fits within our selective exit strategy for our Dutch and German portfolios.” 

At present, Patrizia has approximately €1.1 billion of assets under management in the Netherlands.

Elsewhere, in one of its most recent deals, Patrizia acquired the 189,000 square foot Oval building, a central Dublin office property for €145 million, on behalf of an institutional client in March this year. 

While in November last year, the firm sold a portfolio of more than 13,500 German residential units for €1.1 billion just six months after acquiring the assets for €900 million. 

Patrizia was advised on the transaction by property services firmSavills and law firmLoyens & Loeff, while Holland Immo Group was advised by property services firm CBRE.