The agreed purchase price is EUR 97.4 million and the transaction is carried out as an asset deal. The transaction will initially be financed through existing cash as well as liquidity from majority owner, Fredensborg AS, and subsequently mortgage financing will be taken out for a part of the purchase price.
The acquisition is an obvious add-on to Heimstaden’s current portfolio, which will allow for even more efficient operations of the newly established platform in the Netherlands. After the acquisition Heimstaden will have a portfolio consisting of approximately 10,500 residential units in the Netherlands.
“Following our large acquisition earlier this year, that manifested our dedication to the Dutch residential market, we have been keen to pursue further expansion of our Dutch platform, where we see continued good value in the affordable housing segment,” says Christian Fladeland, CIO of Heimstaden.
“This portfolio offers good quality affordable housing in good micro-locations in well-functioning cities, where we are already present or close by, allowing for strong operational efficiencies,” says Mattis Falkentoft, Investment Manager at Heimstaden.
Heimstaden was advised by Loyens & Loeff (legal) and ImmoFinance (commercial) on the transaction. PATRIZIA AG was advised by Savills (commercial) and Loyens & Loeff (legal).