PATRIZIA AG, the global partner for pan-European real estate investment, has bought a 114-unit turnkey residential BTR development in Amsterdam.
The new development consists of high-quality rental units across some 7,760 square meters. It is in an attractive waterfront location close to the city centre and in the historic shipyard area of Amsterdam Noord. It is due to be completed in the autumn of 2020.
The BTR development was bought on behalf of clients from Biesterbos Groep, a Dutch real estate investor and conceptual developer.
Total Netherlands assets reach €2.1 billion
This transaction increases PATRIZIA’s total assets under management in The Netherlands to €2.1 billion.
The BTR development in the NDSM area of Amsterdam Noord, formerly the largest shipyard in Europe, which is now undergoing a transformation into a vibrant, high-density urban area with a unique and historical industrial character.
The area is already home to notable companies including Viacom, Greenpeace and Red Bull, as well as restaurants, shops and other amenities. The city centre can be reached in 15 minutes via free ferry transport, and is also easily accessible via bus, bike and metro connections.
Emile Poort, Head of Transactions BENELUX at PATRIZIA, says, “This investment provides our clients with access to a modern, high-quality development in a sought-after location of Amsterdam where residential demand is rising. The long-term fundamentals underpinning demand for good quality rental accommodation will remain, despite the current challenges posed by coronavirus. The NDSM district is one of the most exciting areas of the city and is undergoing significant regeneration, which we expect will see it further established as an attractive location for residents and businesses alike over the long term.”
PATRIZIA has 36 years’ experience of investing in the residential sector across Europe, using its proprietary European Cities Ranking model to focus on long term buy-to-hold strategies in Europe’s most exciting metropolitan areas.
Stuttgarter Tor offices sold
Hines, the international real estate firm, has completed the sale of Stuttgarter Tor offices in Stuttgart, Germany, on behalf of the Hines European Value Fund (HEVF).
The 14,822-square-meter office complex has been sold to investment management company Arminius, acting on behalf of German institutional investors, for an undisclosed price. A competitive sales process was managed by Colliers International.
Hines acquired Stuttgarter Tor in December 2017, as the first investment made by HEVF, the first in the Hines flagship series of European ore plus/value add strategy funds. It is being sold following a two-year asset management program during which has significantly outperformed the Fund’s business plan.
Located in a prime location in the Feuerbach office submarket of the city, Stuttgarter Tor comprises three buildings fully leased to a strong tenant base including Robert Bosch GmbH and law firm Menold Bezler. Hines secured planning consent for redevelopment of a fourth smaller, obsolete building in the complex, which was sold separately to an owner-occupier advised by Immoraum in August 2019, and will proceed to develop a new headquarters premises.
Paul White, HEVF fund manager, says, “It is a testimony to the strength and power of our European platform and our local network in Stuttgart that we were able to identify and secure this investment, and implement a rigorous two-year program of asset management which significantly outperformed the Fund’s business plan, delivering excellent returns for our investors.”
Stuttgart is an important location
Emanuel Coskun, managing director, Hines Germany, says, “Stuttgart is an important location for Hines in Germany, since we opened our office with a team here in 2008. Our knowledge of the local market was certainly instrumental in securing this asset and helped us execute the Fund’s asset management strategy which has proven so successful. We remain committed to long-term investors across Stuttgart with multiple investments across the City including Kronzprinzbau 1 & 2, Caleido and the Karlshoehe Quartier.”
HEVF has successfully constructed a portfolio of nine investments in Germany, the UK, Denmark, Spain, Italy and Poland within less than two years of closing its first acquisition. The fund is now effectively fully committed. HEVF accepted €721 million of equity commitments from 16 institutional investors in closings from July 2017 to August 2018, exceeding the original fund target size by over 40%.
The success of HEVF paved the way for HEVF 2, which earlier this year announced its first closing, securing approximately €637 million of equity commitments from 13 institutional investors. Subsequent equity closings are expected through 2020. With Hines co-investing 5% of the total equity commitments, the fund is expected to have total purchasing power approaching €3 billion after factoring in leverage.
HEVF 2 has already secured four acquisitions combining €350 million of equity allocations to flagship assets in Munich, Madrid and London.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 205 cities in 24 countries. Hines has approximately $133.3 billion of assets under management.
Fully-rented PIXEL office acquired near Paris
CITIES INVEST has acquired the fully-let office property PIXEL in
the western metropolitan area of Paris.
The property with an Exceptional rating for the sustainable HQE in-use certification is in the municipality of Nanterre, at Paris Ouest La Défense, on the western outskirts of Paris.
The main tenant at PIXEL is a subsidiary of the BNP Paribas Group, BNP Paribas Leasing Solutions, one of the leading rental companies in Europe, which offers rental and financing solutions for professional equipment. The parties have agreed not to disclose the purchase price of the property.
In recent years, Nanterre has established itself as a popular location for various industries such as finance, energy, retail, pharmaceutical and automotive industries as well as human resources.
The PIXEL property comprises 16,447 square meters of office space, which is distributed over six floors, including the ground floor. There are 240 parking spaces and the building is arranged around two accessible inner courtyards.
In addition to BNP Paribas Leasing Solutions, around 14% of the space is leased from Paris Ouest La Défense, a public institution for inter-municipal cooperation. On the initiative of the city of Nanterre, Paris Ouest rents space to start-ups and young companies.
HQE is a French assessment and certification system designed to help building management reduce and improve environmental impact.
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