Round Hill in €365m Dutch resi swoop

Round Hill Capital, the London-based private equity real estate firm, has purchased a large residential property portfolio in the Netherlands, it announced today.

The firm has purchased 3,786 units for €365 million from Dutch housing association Wooninvesteringsfonds (WIF), in what it described as the largest residential real estate deal to have been struck since the global financial crisis.

The deal is also the second of its kind to be struck by Round Hill in the Netherlands following its June acquisition of 1,534 units from funds managed by CBRE Global Investors for €180 million. 

This second portfolio comprises some 3.5 million square feet of lettable space and is situated across markets in the country. 

Michael Bickford, founder and chief executive officer of Round Hill Capital, said: “We will use our established track record and experience, as well as our local Dutch knowledge and operations to manage our portfolio and ensure that WIF’s tenants benefit from our focus on long-term ownership and expertise in the residential market.”

“This represents Round Hill’s second acquisition in the Dutch residential market as we continue to deliver on our strategy of expanding our residential platform across Europe. We continue to believe that the housing market in the Netherlands represents an attractive investment opportunity due the positive fundamental backdrop in the Dutch market, together with the stable cash flow of this asset class and our established residential management capabilities.”

Round Hill has invested €6 billion across real estate asset classes since it Bickford founded the firm in 2002.

WIF was founded in 2005 to buy homes from housing associations with a view to selling them at a later point. However, Dutch legislation regarding the country’s housing associations since changed leaving them with other option than selling. 

Jacques Thielen, director of seller WIF, said: “All stakeholders have been taken into account in this transaction. The certificate holders are being offered certainty and the tenants will have a reliable landlord in Round Hill Capital, who intend to continue operational processes in already in place and will take on WIF’s employees. The current tenants will retain the rights and obligations of their tenancy agreement.”