Amsterdam, 03/07/20 – On behalf of the CBRE Dutch Residential Fund, CBRE Global Investors has acquired a residential portfolio with 916 rental properties at 23 locations in the Netherlands, of which 95% of the properties have a rental price in the middle segment. The houses were acquired from ‘Stichting De Samenwerking’, Pensioenfonds voor het Slagersbedrijf.
All units in the portfolio have a green energy label, 82% of the units are located in the economic growth centres of the Randstad. Two-thirds of the units are single-family homes and three apartment buildings are new-build developments.
The sale of the apartment buildings by ‘Pensioenfonds voor het Slagersbedrijf’ is part of a strategic change from direct investment to indirect investment. The proceeds from the sale of the housing portfolio were then used to acquire holdings in the CBRE Dutch Residential Fund, the non-listed Dutch residential fund of CBRE Global Investors.
The houses and apartments are on average 15 years old, 80% have energy label A, and there are no houses with an energy label below C-level. With an average rent of EUR 950 per month, the portfolio fits in well with the high demand for rental properties in the middle segment. Larger complexes in the portfolio include 135 units in the new Campus Yours recently developed project in Leiden, 182 sustainable single-family homes in Soest and 85 single-family homes in Baarn. The real estate management is carried out by VB&T, MVGM and Van ‘t Hof Rijnland.
Paul Oremus, Country Manager CBRE Global Investors Netherlands: “The portfolio includes high-quality and affordable homes that meet the current housing demand. The young and sustainable character of the portfolio ensures that the objects retain their value in the long term. The choice of Pensioenfonds voor het Slagersbedrijf to select us as a buyer, but certainly also to select the CBRE Dutch Residential Fund for their investment, also underlines the quality and performance of our fund. We welcome the ‘Pensioenfonds voor het Slagersbedrijf’ as a shareholder and look forward to the long-term cooperation. ”
DUTCH RESIDENTIAL FUND (DRES)
The total housing portfolio will become part of the CBRE Dutch Residential Fund (“DRES”). DRES invests for the long term in rental properties in the middle segment of the housing market for a variety of target groups – ranging from millennials to empty nesters and from one and two-person households to small families – in mainly urban, central locations in growth regions, mainly in the Randstad.
DRES has 130 residential complexes with more than 6,000 units and an invested capital of EUR 2.3 billion. In addition, there are approximately 2,000 new-developed residential units in the pipeline. The fund again achieved a 5-star rating in 2019 and has been one of the top players in the leading Global Real Estate Sustainability Benchmark (GRESB) for four years, leading the way in sustainable rental properties in the middle segment.
CBRE Global Investors was advised in this transaction by CBRE Capital Markets. “Stichting De Samenwerking”, Pensioenfonds voor het Slagersbedrijf was assisted by Kempen Capital Management, Finance Ideas and Houthoff.
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About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $108.1 billion in assets under management* as of March 31, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.