AXA Investment Managers – Real Assets , a global leader in real asset investments and the leading(1) real estate portfolio and asset manager in Europe, announces that it has completed the acquisition, on behalf of clients, of a 138-unit residential portfolio, in the East of the Netherlands, for €31.75 million, from Almelose Woningstichting ‘Beter Wonen’.
Purpose-built for the rental market between 2003 and 2009, the almost fully occupied portfolio is split across three properties, totalling 16,282 sqm, and comprises: 91 units in Hengelo, in a building that includes 2,123 sqm of commercial space; and two properties in Wierden, one with 24 units and the other with 23, and an additional 540 sqm of commercial premises. All of the assets benefit from good public transport links and are in well-established neighbourhoods.
This is the third residential acquisition in the Netherlands by AXA IM – Real Assets, on behalf of clients, following its entry into the market in 2016, as demand for modern private stock, off affordable rents, is forecast to increase, underpinned by robust economic and strong demographic drivers. The acquisition also adds to the more than €15 billion of residential assets that AXA IM – Real Assets manages across 10 countries on behalf of clients.
(1 Source: INREV/ANREV Fund Manager Survey – May 2019 – in terms of assets under management)
Source : Company